Swift Corporation operates a number of branches in Metro Manila. On June 30, 2011, its San Lorenzo branch showed a Home Office Current account balance of P27,350 and the Home Office books showed a San Lorenzo branch account balance of P25,550. The following information may help in reconciling both accounts: a. A P12,000 shipment, charged by Home Office to San Lorenzo branch, was actually sent to and retained. by Santo Tomas branch. b. A P15,000 shipment, intended and charged to San Jose branch was shipped to San Lorenzo branch and retained by the latter. d. A P2,000 emergency cash transfer from Santo Tomas branch was not taken up in the Home Office books. Home Office collects a San Lorenzo branch accounts receivable of P3,600 and fails to notify the branch. Home Office was charged for P1,200 for merchandise returned by San Lorenzo branch on June 28. The merchandise is in transit. e.

Swift Corporation operates a number of branches in Metro Manila. On June 30, 2011, its San Lorenzo branch showed a Home Office Current account balance of P27,350 and the Home Office books showed a San Lorenzo branch account balance of P25,550. The following information may help in reconciling both accounts: a. A P12,000 shipment, charged by Home Office to San Lorenzo branch, was actually sent to and retained. by Santo Tomas branch. b. A P15,000 shipment, intended and charged to San Jose branch was shipped to San Lorenzo branch and retained by the latter. d. A P2,000 emergency cash transfer from Santo Tomas branch was not taken up in the Home Office books. Home Office collects a San Lorenzo branch accounts receivable of P3,600 and fails to notify the branch. Home Office was charged for P1,200 for merchandise returned by San Lorenzo branch on June 28. The merchandise is in transit. e.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 8CP

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