The home office ships merchandise to its branch above cost. What journal entry should the home office make to record the transfer of merchandise?* 2 points (Dr) Investment in Branch (Cr) Shipment to Branch (Dr) Shipment to Branch (Cr) Investment in Branch (Dr) Investment in Branch (Cr) Shipment to Branch (Cr) Allowance for overvaluation of inventory (Dr) Shipment from home office (Cr) Home office

Q: Mr. Mohammed use perpetual inventory system makes the following journal entry in his business Debit…

A: Merchadise inventory is debited and Accounts payable is credited where  inventory is purchased on…

Q: Jones Company, a customer, has been authorized to return $1,000 of goods purchased on account. The…

A: Sales returns means when customer returns some goods to the business due to some issue or defect or…

Q: Samson Company provided you with the following information: • Items counted in the warehouse.. •…

A: FOB shipping point means the goods become the property of the buyer as soon as the goods leave the…

Q: An item of merchandise was sold for RO 800 cash by a Merchandise business. The cost of goods sold…

A: Cost of goods sold is referred to as an amount that includes the costs about the product sold. This…

Q: In its annual report, American Eagle Outfitters states that its “e-commerce operation recordsrevenue…

A: FOB shipping point:   FOB shipping point referred to as “Free on Board”, is a term used in…

Q: Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The…

A: Given the following information: Sold merchandise for cash (cost of merchandise $26,797): $47,200…

Q: ACE Manufacturing pays a freight bill of $54 to united trucking company for merchandise purchased…

A: Periodic inventory system is an inventory system in which all transactions relates to inventory like…

Q: Which of the following journal entries is recording merchandise inventory leaving the warehouse on a…

A: A seller can sell goods to its customer on cash and credit basis. if its is a Cash sale  then there…

Q: The “Shipment to Branch” account is added to the home office’s purchase account in determining home…

A: While determining the cost of goods sold, the shipment would be added to the office purchase.…

Q: Ms. Ameena makes the following journal entry in her business: Debit Accounts receivable Credit Sales…

A: Accounts receivable Dr. To Sales is the entry passed at time of selling the goods.

Q: Using the accounts listed below, record journal entries for the following transactions of Furniture…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: A Merchandise business uses Multi Step income statement. The business receives OMR 8,200 interest…

A:

Q: Statement 1: The “Shipment to Branch” account is added to the home office’s purchase account in…

A: A branches a unit of a mercantilism placed a long way from the house workplace. A branch usually…

Q: The following selected transactions were completed by Amsterdam Supply Co., which sells office…

A: In order to journalize the above transactions, let us first do some basic calculations as per the…

Q: A branch office allowed to make sales, carry inventory for resale to customers, and incur normal…

A: branch office allowed to make sales, carry inventory for resale to customers,and incur normal…

Q: Hair World Incorporated is a wholesaler of hair supplies. Hair World uses a perpetual inventory…

A: Cost of goods sold = Cost of goods sold for cash + Cost of goods sold on account - goods returned  =…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: Using the following purchases journal, identify each of the posting references, indicated by a…

A: Purchase journalPurchase journal refers to the journal that is used to record all purchases on…

Q: The Yankee Wholesale Company sells merchandise to a variety of retailers. Yankee uses different…

A: Hello, I am only answering first three subparts as per the policy and if you want others to be…

Q: HS Stores incurred transportation costs for the delivery of inventory to TY Dealers for R350. HS…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: need special journal transaction for this

A: Journal is a book, in which all monitory transactions are recorded in chronological order, when it…

Q: Required information PA6-2 Reporting Sales Transactions between Wholesale and Retail Merchandisers…

A: Record the sale of goods on account, and record the cost of inventory.

Q: The transactions that follow took place under the perpetual inventory system. Record each…

A: Ledgers are the accounts prepared by a business to prepare the financial statements and contains as…

Q: Presented below is information related to Lathorp Corp., which sells merchandise with terms 2/10,…

A: Credit Term-:Credit Terms are the payment terms illustrated on the invoice at the moment of buying…

Q: Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: An item of merchandise was sold for RO 1600 cash by a business using the perpetual inventory system.…

A: Cost of goods sold is RO 1200. Inventory (asset) of RO 1200 has been decreased and cost of goods…

Q: XYZ Company hires third party to deliver goods to their customer on FOB destination, freight…

A: Solution: Freight paid on sale in case of FOB destination is freight out expense for seller.

Q: The home office uses a loading account. If the loading account is used in its customary fashion, it…

A: When goods are shipped to branch at invoice price ( ie cost price + markup), the head office will…

Q: Show Me How Purchase-Related T The Stationery Company purchased merchandise on account from a…

A: The terms of the discount are 2/10, n/30. 2/10 means that the buyer will get a discount of 2% if…

Q: The Allowance for Overvaluation account of the home office is debited:*   A. When the home office…

A: Solution:  Allowance for Overvaluation account of the home office is unrealized profit in the…

Q: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Using the following accounts, classify each of them as part of cost of sales (COS), selling expense…

A: Cost of sales means total cost of goods that are being sold to the customers. It includes total…

Q: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate…

A: Solution:- Preparation of journal entries as follows under:--

Q: Objective To record merchandise trnasaction in general journal form Direction: Record the following…

A: General Journal: A book of original entry that requires that both the account being debited and the…

Q: shipments to branch

A: Shipments to branch account is subtracted from the beginning stock and purchases to calculate home…

Q: Details of invoices for purchases of merchandise are as follows: Invoice Merchandise Freight…

A: Invoice: When the buyer sells his goods in credit or cash to a seller. He then sends the details of…

Q: Give an example for the transactions took place in a Zafar Textile Industry. Record the relevant…

A: For recording the transactions journal entries are passed primarily to record them in the…

Q: Prepare General Journal entries to record the following perlodic system merchandising transactions…

A: As per periodic inventory system, inventory records are updated periodically that is end of month,…

Q: The following selected transactions were completed by Amsterdam Supply Co., which sells office…

A: It is a system of registering inventory in accounting immediately through the point of sale system…

Q: Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co.,…

A: We have to record the given sales transactions into the journal.

Q: Identify Postings from Purchases Journal Using the following purchases journal, identify each of…

A: Purchase journal is a book in which all the credit purchase record is kept. This journal is used to…

Q: Select all that apply A partial Sales Journal for ABC Co. is shown below. Show how to post these…

A: All the sales has been recorded in the sales account and then transfer to P&L account by passing…

Q: ears in both the debit and the credit columns appears in the credit column only is correct as stated…

A: Merchandise inventory is the value of items in stock, whether they are finished goods or raw…

Q: 7. The Allowance for Overvaluation account of the home office is debited:* a. When the home office…

A: Allowance for overvaluation seems to be the gap seen between billed as well as cost prices. The…

Q: Required Information [The following information applies to the questions displayed below] Ramos Hair…

A: Net sale is the amount of sales after deducting the sale returns, discounts and allowances. Gross…