2 Which of the following transactions will increase the home office account in the branch'sseparate statement of financial position?*O Debit memo received from the home officeO Payment by the branch of the home office's liabilityO Net loss of the branchO Collection by the home office of branch's receivable

The question is related to Branch Accounting. In case of branch Accounting the branch will be a…

Which of the following transactions will increase the home office account in the branch's separate statement of financial position? Debit memo received from the home office Payment by the branch of the home office's liability Net loss of the branch Collection by the home office of branch's receivable

Which of the following transactions will increase the home office account in the branch's separate statement of financial position? Debit memo received from the home office Payment by the branch of the home office's liability Net loss of the branch Collection by the home office of branch's receivable

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 15CDQ: Do items reported as a credit memorandum on the kink statement represent (a) additions made by the...

See similar textbooks

Similar questions

The sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal the accounts receivable account balance in the general ledger before posting any amounts B. equal the accounts payable account balance in the general ledger before posting any amounts C. equal the accounts receivable account balance in the general ledger after posting all amounts D. equal the cash account balance in the general ledger after posting all amounts
Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later
For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts:
Why must the Accounts Receivable account in the general ledger match the totals of all the subsidiary Accounts Receivable accounts?
Do items reported as a credit memorandum on the kink statement represent (a) additions made by the hank to the companys balance or (1)) deductions made h the hank from the companys balance? Explain.
When does a company record the transfer of accounts receivable as a sale? As a secured borrowing (a liability)?
The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledger
From the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flows
Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 230 are as follows: Post revenue and collections to the accounts receivable subsidiary ledger. Instructions 1. Insert the following balances in the general ledger as of April 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?
If the branch receives credit memo from the home office, the branch shall record it in its separate statement of financial position by Disclosure Debiting the home office account Crediting the home office account Increasing the home office account
The income: Branch ledger account is maintained is the accounting records of: a. Neither the home office nor the branch b. Both the home office and the branch c. The branch only d. The home office only