JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home Office Account balance of P27,350 and the Home Office books showed a Investment branch XYZ of P25,550. The following information may help in reconciling both accounts. > Home office was charged for P1,200 for merchandise returned by XYZ branch (the merchandise is in transit) > A P12,000 shipment, charged by Home Office to XYZ branch was actually sent to and retained by UUU Branch. > Home Office collects an XYZ branch accounts receivable of P3,600 and fails to notify the branch. A P15,000 shipment, intended and charged to XXX branch was shipped to XYZ branch and retained by the latter. A P2,000 emergency cash transfer from ZZXXYY was not taken up in the Home Office books. Home office erroneously recorded XYZ 's net income for May, 2021 at P16,275. The branch reported a net income of P12,675. What is the reconciled amount of the Home Office and XYZ branch reciprocal amount?

JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home Office Account balance of P27,350 and the Home Office books showed a Investment branch XYZ of P25,550. The following information may help in reconciling both accounts. > Home office was charged for P1,200 for merchandise returned by XYZ branch (the merchandise is in transit) > A P12,000 shipment, charged by Home Office to XYZ branch was actually sent to and retained by UUU Branch. > Home Office collects an XYZ branch accounts receivable of P3,600 and fails to notify the branch. A P15,000 shipment, intended and charged to XXX branch was shipped to XYZ branch and retained by the latter. A P2,000 emergency cash transfer from ZZXXYY was not taken up in the Home Office books. Home office erroneously recorded XYZ 's net income for May, 2021 at P16,275. The branch reported a net income of P12,675. What is the reconciled amount of the Home Office and XYZ branch reciprocal amount?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 1CP: Screpcap Co. had the following transactions during the first week of June: June 1Purchased...

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Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.
Screpcap Co. had the following transactions during the first week of June: June 1Purchased merchandise on account from Acme Supply, 2,700, plus freight charges of 160. 1Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, 720, less 1% discount. 1Sold merchandise on account to F. Colby, 246, plus 5% state sales tax plus 2% city sales tax. June 2Received cash on account from N. Dunlop, 315. 2Made cash sale of 413 plus 5% state sales tax plus 2% city sales tax. 2Purchased merchandise on account from Permon Co., 3,200, plus freight charges of 190. 3Sold merchandise on account to F. Ayres, 211, plus 5% state sales tax plus 2% city sales tax. 3Issued Check No. 220 to Ellis Co. for merchandise purchased on account, 847, less 1% discount. 3Received cash on account from F. Graves, 463. 4Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, 950, less 1% discount. 4Sold merchandise on account to K. Stanga, 318, plus 5% state sales tax plus 2% city sales tax. 4Purchased merchandise on account from Mason Milling, 1,630, plus freight charges of 90. 4Received cash on account from O. Alston, 381. 5Made cash sale of 319 plus 5% state sales tax plus 2% city sales tax. 5Issued Check No. 222 to Acme Supply for merchandise purchased on account, 980, less 1% discount. Required 1. Record the transactions in a general journal. 2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, design the following special journals for Screpcap: (a) Sales journal (b) Cash receipts journal (c) Purchases journal (d) Cash payments journal
The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2018 (round answers to two decimal places). What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of days sales ratio is 180 days?
Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.
On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
ABC Company operates a number of branches. On December 31, 2022, its Mindanao branch showed a Home Office Account balance of P547,000 and the home office books showed an Investment in Mindanao branch of P511,000. The following information are made available: 1. A P300,000 shipment, originally intended and charged to Luzon branch was actually shipped to Mindanao branch. 2. Home office was charged for P24,000 for merchandise returned by Mindanao branch on December 30. The home office has not yet received the said merchandise. 3. A P240,000 shipment was charged by the home office to Mindanao branch. However, it was actually shipped and retained by Visayas branch. 4. A P40,000 cash transfer from Visayas was not taken up in the books of the home office. 5. Home office collected P72,000 of the accounts receivable of Mindanao. The branch was not notified of the collection. 6. The home office recorded Mindanao net income at P325,500. However, the correct net income of the branch is P253,500.…
On June 30, 2021, Alpha Co.'s Mega branch showed a Home Office account balance of $2,735 and the Home Office books showed an investment branch Mega of $2,555. The following additional information is given: Home office was charged for $120 for merchandise returned by Mega branch (merchandise is in transit) $1,200 shipment, charged by Home Office to Mega branch was actually sent and retained by Taco branch. Home office collects a Mega branch accounts receivable of $360 and fails to notify the branch. $1,500 shipment, intended and charged to Pasta branch was shipped to Mega branch and retained by the latter $200 emergency cash transfer from Spaghetti branch was not recorded in the Home Office books Home office erroneusly recorded Mega's net income for May 2021 at $1,627.5 The branch reported a net income of $1,267.5 What is the reconciled amount of the Home Office and Mega branch reciprocal amount?
On August 1, 2019, GREEN CO, a home office established two branches: ORANGE branch and APRICOT branch. GREEN, transferred P280,000 worth of cash and P1,225,000 worth of merchandise to its ORANGE branch. On August 15, the head office instructed ORANGE to transfer three-fourths of the merchandise and cash received to APRICOT branch. In addition, on October 6, 2019, shipments from the main office received by ORANGE branch amounting to P437,500 and freight, collect amounting to P22,750. Three-fifths of the said shipments were sold by ORANGE branch to customers. On November 9, 2019, upon instruction of the home office, ORANGE branch transferred to APRICOT half of the remaining immediate prior month shipments from GREEN. The receiving branch paid additional freight in the amount of P8,750. Had the merchandise been shipped from GREEN directly to APRICOT, only P6,650 worth of freight would have been incurred. Compute the balance of the Investment in APRICOT branch account in the separate…