Answered: The following transactions relating to…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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The following transactions relating to branch SG and branch Popsters are the following: • On September 30, 2020, branch SG collected branch Popsters' accounts receivable of P80,000 less 3%discount. • On October 31, 2020, home office shipped merchandise costing P400,000 to branch SG. Freight of P6,000 was paid by the home office. It is the policy of the company to bill its branches at 25% above cost. • On November 30, 2020, upon the instruction of the home office, branch SG reshipped a quarter of the above merchandise to branch Popsters with freight of P3,000 (freight-collect). Had the goods been shipped directly to branch Popsters, the freight would have been only P1,400. What is the home office current account of branch SG as of October 31, 2020?

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