Home Office put up a branch with initial investment of cash 400,000; and equipment 180,000, and furniture & fixtures, 100,000, both to be booked in the branch. Requirements: a. Prepare the journal entries for both the Home Office and Branch books based on the above transactions.
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Home Office put up a branch with initial investment of cash 400,000; and equipment
180,000, and furniture & fixtures, 100,000, both to be booked in the branch.
Requirements:
a. Prepare the
above transactions.
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- Transactions for the first 3-month period of calendar year 2021 for Sta Cruz Branch of XYZ Company. Home Office put up a branch with initial investment of cash 400,000; and equipment 180,000, and furniture & fixtures, 100,000, both to be booked in the branch. Home office purchased equipment for use by the branch and to be carried in the Home Office books. Acquisition cost is 80,000. Branch purchased 160,000 worth of merchandise for 50% cash and balance on account. Delivery charge of 3,000 paid by the branch. Home Office ordered office table and chairs worth 20,000 to be carried in branch books. The branch paid cash for the items upon delivery directly to the branch. Delivery charge of 800 was also paid by the branch. Branch purchased computers and printers worth 110,000 for use of the branch and to be booked in the Home Office. Home Office transferred merchandise worth 320,000. Home Office paid for the freight of 5,000 to be taken up in branch books. Branch total sales to date on…Cebu Branch submitted the following data to its home office in Manila for 2021, its first year of operation: Sales P2,300,000; Shipments from Home Office P1,850,000; Operating expenses P235.000; Home Office Current P480,000. Shipments to the branch are billed at cost. The December 31 inventory of the branch was P255,500. What was the balance of the Investment in Branch account on December 31, 2021 on the home office books?Branch purchased computers and printers worth 110,000 for use of the branch and tobe booked in the Home Office. Requirements:a. Prepare the journal entries for both the Home Office and Branch books based on theabove transactions.
- Please provide journal entries for the following: 1. Deposited P900,000 in the bank and contributed a systems library valued at P390,000 to start a business.2. Paid office rent for the month, P36,000.3. Acquired computer equipment for cash, P700,000.4. Purchased computer supplies on credit, P60,000.5. Received payment from a client for programing done, P280,000.6. Billed a client on completion of a programming project, P71,000.7. Paid salaries, P80,000.8. Received a partial payment from the client billed, P61,000.9. Withdrew P25,000 for personal expenses.10. Made partial payment on the supplies purchased, P30,000Statsen Company, which prepares financial reports at the end of the calendar year, established a branch on July 1, 2020. The following transactions occurred during the formation of the branch and its first six months of operations, ending December 31, 2020. 1. The Home Office sent $35,000 cash to the branch to begin operations. 2. The Home Office shipped inventory to the branch. Intercompany billings totaled $75,000, which was the Home Office's cost. 3. The branch acquired merchandise display equipment which cost $15,000 on July 1, 2020. (Assume that branch fixed assets are carried on the home office books). 4. The branch purchased inventory costing $53,750 from outside vendors on account. 5. The branch had credit sales of $106,250 and cash sales of $43,750. Requirements: 1. Prepare journal entries in the books of the home office and in the books of the branch office for the above transactionYi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…
- Make a Ledger in this problem Assume that on December 2, 2020. Mr. David Started DB Accounting Firm in Tagbina with the following assets as initial investments: PARTICULARS Cash 15,000 Computers 40,000 Furniture 50,000 Supplies 10,000 December 02 The business was registered with DTI, BIR, and Mayor’s permit spending P300, P500, and P1,200, respectively. 05 Acquired printer amounting to P10,000 for cash 15 Received electricity bill used by the business, P600. 15 Acquired computer chairs and tables on account, P10,000 payable within five days 20 Issued 3 months promissory note amounting to 10,000 to settle the obligation for acquiring computer chairs 21 Mr. David withdrew P1,000 for personal use. 23 Used supplies amounting to 8,000 26 Collected P50,000 for audit service to client 28 Billed P80,000 to the client for tax consultancy performed. 29 Transportation expense incurred and paid, P2,000 30 Provided 10% allowance for depreciation for the use of office equipment and…Jane Dear Tractors has cash in bank of $85,000, cash set aside for a plant expansion in a separate account of $105,000, short-term paper that matures in 10 months for $35,000, and a compensating balance of $90,000 at another bank for a long-term loan. How much should be reported under the heading Cash? O $315,000 $190,000 $85,000 $225,000Home Office collected 100,000 from Branch’s customers on account. Requirements:a. Prepare the journal entries for both the Home Office and Branch books based on theabove transactions.
- On July 1, Moonlight Lighting was opened by M. Lopez with a total investment of P 250,000 of which P 50,000 was in the form of candles and lamps and P 200,000 in cash. Succeeding transactions are as follows: Prepare the general journalApril 01 - Invested capital. P1,7000,00002 - Paid P12,000 as two months advance rent on a completely furnished building.05 - Paid cash for delivery trucks P950,00006 - Rendered delivery services P60,250.07 - Billed credit clients, P50,15008 - Acquired computers, printers and other office requirement totalling to P122,000 on account.09 - Paid P3,200 for supplies recieved.12 - Performed delivery services for costumers who promised to pay P27,000 at a later date.15 - Invested additional cash P50,20015 - Paid P8,400 salaries to employees for 1st half of the month.18 - Paid promotionals tarpaulins for its advertising for the month, P3,51020. Collected cash of ₱4,500 from customers on account (see April 12 entry).21. Received a bill and paid for ₱1,500 for advertising in the local newspaper in April.25. Paid cash for gas and oil consumed in April, ₱650.27. Performed services cash, ₱10,500.28. Acquired office chairs for ₱5,200 on account29. Paid expenses for petty items, ₱1,000.30. Withdraw…Urban Inc. has Cash, $5,000; Accounts Receivable, $14,000; Supplies, $700; Equipment, $20,000; and Inventory in transit from the supplier (FOB Destination Point), $800. What are their total current assets? $19,700 $39,700 $20,500 $40,500