Chapter8aa1sol 2012 PDF

CHAPTER 8
SUGGESTED ANSWERS
EXERCISES
Exercise 8 - 1
(a) Working Fund – Agency 5,000

Cash 5,000
(b) Accounts Receivable – Agency 50,000

Sales – Agency 50,000
(c) Cash 35,000

Accounts Receivable – Agency 35,000
(d) Expenses – Agency 4,500

Cash 4,500
(e) Expenses – Agency 2,250

Cash 2,250
(f) Cost of Sales – Agency 36,000

Shipments to Agency 36,000
Exercise 8- 2
(a) Working Fund - Makati Agency 10,000

Samples - Makati Agency 60,000
Cash 10,000
Shipments to Makati Agency 60,000
(b) Accounts Receivable - Makati Agency 200,000

Sales - Makati Agency 200,000
(c) Cost of Sales - Makati Agency 116,000

Shipments to Makati Agency 116,000
(d) Salaries and Commission - Makati Agency 20,000

Furniture and Fixtures - Makati Agency 45,000
Cash 65,000
(e) Delivery Expense - Makati Agency 6,200

Office Supplies Expense - Makati Agency 1,000
Cash 7,200
(f) Samples Expense - Makati Agency 25,000

Samples - Makati Agency 25,000
(g) Office Supplies - Makati Agency 300

AA1- Chapter 8 (2012 edition) page 162
Office Supplies Expense 300
(h) Depreciation Expense - Makati Agency 1,250

Accumulated Depr. - Furniture & Fixtures 1,250
(I) Sales - Makati Agency 200,000

Agency Income 30,850
Cost of Sales - Makati Agency 116,000
Salaries and Commission - Makati Agency 20,000
Delivery Expense - Makati Agency 6,200
Samples Expense - Makati Agency 25,000
Office Supplies Expense - Makati Agency 700
Depreciation Expense - Makati Agency 1,250
(j) Agency Income 30,850

Income Summary 30,850
Exercise 8-3
Home Office Books
(a) Cash 20,000

Iloilo Branch 20,000
(b) Iloilo Branch 3,500

Cash 3,500
(c) Expenses 1,200

Iloilo Branch 1,200
(d) Iloilo Branch 32,000

Shipments to Iloilo Branch 32,000
(e) Shipments to Iloilo Branch 15,000

(f) Furniture and Fixtures 5,500

Cash 5,500
(g) Iloilo Branch 550

Accumulated Depr. - Furniture & Fixtures 550
(h) Branch Income 2,600

Branch 2,600
Branch Office Books
(a) Home Office 20,000

Cash 20,000
(b) Expenses 3,500

Home office 3,500
(c) Home Office 1,200

Cash 1,200
(d) Shipments from Home Office 32,000

Home Office 32,000
(e) Home Office 15,000

Shipments from Home Office 15,000
(f) Memo entry
(g) Depreciation Expense 550

Home Office 550
(h) Home Office 2,600

Exercise 8-4
Home Office Books
(a)
(1) Dagupan Branch 300,000
Shipments to Branch 300,000
(5) Cash 150,000

Dagupan Branch 150,000
Branch Office Books
(1) Shipments from Home Office 300,000

Home Office 300,000
(2) Accounts Receivable 390,000

Sales 390,000
(3) Expenses 74,000

Cash 72,000
Accrued Expenses 2,000
(4) Cash 288,000

Sales Discount 6,000
Accounts Receivable 294,000
(5) Home Office 150,000

Cash 150,000
(6) Furniture and Fixtures 40,000

Cash 40,000
(7) Expenses 8,000

(b)
Merchandise Inventory 60,000
Sales 390,000
Expenses 82,000
Sales Discounts 6,000

Home Office 62,000
(c)
Honda Sales, Inc.
Income Statement - Branch
For the Year Ended December 31,2012
Sales P 390,000
Less: Sales Discount 6,000 P384,000
Cost of sales:
Shipment to Home Office P 300,000
Less: Inventory, end 60,000 240,000
Gross Profit P 144,000
Expenses 82,000
Net Profit P 62,000
(d)
Honda Sales, Inc.
Statement of Financial Position - Branch
December 31,2012
Assets
Cash (-720,00 + 288,000 - 150,000 - 40,000) P 26,000

Accounts Receivable (390,000 – 294,000) 96,000
Furniture and Fixture P 40,000
Less: Accumulated Depreciation 8,000 32,000
Total Assets P 214,000
Liabilities
Accrued Expenses P 2,000

Home Office (300,000 - 150,000 + 62,000) 212,000
Total Liabilities P 214,000
Exercise 8- 5
Home Office Books
(a) Furniture and Fixtures 24,500

Branch 24,500
(b) Branch 24,500

Cash 24,500
(c) Branch 2,450

(d) Furniture & Fixtures – new 40,000

Branch Income 7,050
Furniture & Fixtures – old 24,500
Cash 25,000
Branch Office Books
(a) Home Office 24,500

Accounts Payable 24,500
(b) Accounts Payable 24,500

Home Office 24,500
(c) Depreciation Expense 2,450

Home Office 2,450
(d) Memo entry
Exercise 8-6
Jan. 10 Notes Payable 2,500

Home Office 2,500
10 Furniture and Fixtures 10,000

Home Office 10,000
16 Shipments from Home Office 6,500

Home Office 6,500
16 Home Office 2,000

Cash 2,000
20 Home Office 1,200

25 Home Office 150

Accounts Receivable 150
30 Expenses 800
Home office 800
31 Home Office 750

Income Summary 750
Exercise 8 -7
Honda Company
Reconciliation of Home Office and Branch Accounts
December 31,2012
HO Branch
Books Books
Branch Acct. HO Acct.
Unadjusted balances P 8,400 P 9,735
Adjustments;
(a) Merchandise in transit 615
(b) Collection of home office accounts rec’l 2,500
(c) Error in recording the net income of branch
(P1,215 - P1,125) 90
(d) Merchandise returned by branch still in
Transit ( 640) _______
Adjusted balances P 10,350 P 10,350
Requirement 2
Home Office Books
(b) Branch 2,500

(c) Branch 90
Branch Income 90
(d) Shipments to Branch 640

Branch 640
Branch Books
(a) Shipments from Home Office 615

Home Office 615
Exercise 8-8
Home Office Books
(a) Allowance for Doubtful Accounts 600

Makati Branch 600
(b) Makati Branch 1,250

General and Administrative Expense 1,250
(c) Manila Branch 1,200

Makati Branch 1,200
(d) Makati Branch 850

Allowance for Uncollectible Accounts 850
Branch Books
(a) Home Office 600

(b) General and Administrative Expenses 1,250

Home Office 1,250
(c) No entry
(d) Uncollectible Accounts Expense 850

Home office 850
PROBLEMS
Problem 8-1
(a) Samples - Cebu Agency 60,000

Advertising Materials - Cebu Agency 35,000
Shipments to Cebu Agency 60,000
Advertising Materials 35,000
(b) Working Fund - Cebu Agency 30,000

Cash 30,000
(c) Accounts Receivable - Cebu Agency 330,000

Sales - Cebu Agency 330,000
Cost of Sales - Cebu Agency 250,000

Shipments to Cebu Agency 250,000
(d) Cash 245,000

Sales Discounts - Cebu Agency 5,000
Accounts Receivable - Cebu Agency 250,000
(e) Rent Expense - Cebu Agency 15,000

Delivery Expense - Cebu Agency 3,000
Repairs and Maintenance - Cebu Agency 2,200
Cash 20,200
(f) Salaries and Wages - Cebu Agency 10,200

Commission Expense - Cebu Agency 33,000
Salaries and Wages 10,200
Commission Expense 33,000
(g) Samples Expense - Cebu Agency 15,000

Samples - Cebu Agency 15,000
(g) Advertising Materials Expense - Cebu Agency 10,500

Advertising Materials - Cebu Agency 10,500
(h) Sales - Cebu Agency 330,000

Cost of Sales - Cebu Agency 250,000
Sales Discounts - Cebu Agency 5,000
Rent Expense - Cebu Agency 15,000
Delivery Expense - Cebu Agency 3,000
Repairs and Maintenance - Cebu Agency 2,200
Salaries and Wages - Cebu Agency 10,200
Commission Expense - Cebu Agency 33,000
Samples Expense - Cebu Agency 15,000
Advertising Materials Expense - Cebu Agency 10,500
(l) Income Summary 13,900

Problem 8- 2
Home Office Books
(a) Branch 150,000
Cash 150,000
(b) Branch 90,000

(c) No entry
(d) Branch 90,000

Cash 3,000
Equipment 75,000
Gain on Transfer of Equipment 12,000
(e) No entry
(f) Expenses 7,500

Cash 7,500
(g) and (h) no entry
(I) Cash 52,500

Branch 52,500
Branch Books
(a) Cash 150,000

Home Office 150,000
(b) Shipments from Home Office 90,000

Home Office 90,000
(c) Purchases 120,000

Cash 120,000
(d) Equipment 90,000

Home Office 90,000
(e) Accounts Receivable 250,000

Sales 250,000
Cash 100,000
(f) No entry
(g) Depreciation Expense – Equipment 9,000

Accumulated Depr. – Equipment 9,000
(h) Selling and Administrative Expenses 45,000

Cash 45,000
(i) Home Office 52,500

Cash 52,500
Problem 8-3
Requirement 1
a. Accounts Receivable 80,000

Sales 80,000
b. Purchases 21,000
c. Shipments from Home Office 40,000

Home office 40,000
d. Cash 76,000
e. Accounts Payable 20,200

Cash 20,200
f. Allowance for Uncollectible Accounts 1,200

g. Home Office 30,000

Cash 30,000
h. Expenses 24,800
Cash 24,800
i. Expenses 1,600
Home Office 1,600
j. Prepaid Expenses 200

Accrued Expenses 400
Expenses 1,700
Allowance for Doubtful Accounts 1,100
Accumulated Depreciation 1,200
k. Merchandise Inventory, end 38,800

Sales 80,000
Merchandise Inventory, beg. 33,000
Purchases 21,000
Expenses 28,100
l. Home Office 3,300

Requirement 2
Volvo Company
Income Statement - Branch
For the Year Ended December 31, 2012
Sales P80,000
Cost of goods sold:
Inventory, January 1 P33,000
Purchases 21,000
Shipments from home office 40,000
Cost of goods available for sale P94,000
Less Inventory, December 31 38,800 55,200
Gross profit P24,800
Operating expenses 28,100
Net loss P 3,300
Volvo Company
Statement of Financial Position - Branch
December 31, 2012
Assets
Cash (7,000 + 76,000 + 20,200 - 30,000 - 24,800) P 8,000

Accounts Receivable (24,400 + 80,000 - 76,000 -1,200) P27,200
Less Allowance for Uncollectible Accounts 1,600 25,600
Prepaid Expenses 900
Furniture and Fixtures P 7,700
Less Accumulated Depreciation 6,600 1,100
Total Assets P74,400
Liabilities
Accounts Payable (4,000 + 21,000 - 20,200) P 4,800

Accrued Expenses 800
Home Office (60,500 + 40,000 - 30,000 + 1,600 - 3,300) 68,800
Total Liabilities P74,400
Volvo Company
Statement of Changes in Home Office Account
For the Year Ended December 31, 2012
Home office account balance, January 1 P 60,500

Add: Shipments from home office P 40,000
Expenses paid by home office 1,600 41,600
Total P102,100
Deduct: Remittance to home office P 30,000
Net loss 3,300 33,300
Home office account balance, December 31 P 68,800
Requirement 3
c. Davao Branch 40,000
g. Cash 30,000
Davao Branch 30,000
i. Davao Branch 1,600

Cash 1,600
Branch Income 3,300

Davao Branch 3,300
Problem 8-4
Requirement 1
Branch Books
a. Cash 15,000
Home Office 143,000
Home Office 9,000

Cash 9,000
b. Accounts Receivable 62,000

Sales 62,000
c. Cash 26,000
d. Purchases 30,000

Cash 14,500
f. Expenses 12,500
Cash 12,500
g. Cash 16,000
Home Office 1,500
h. Shipments from Home Office 12,500

Home Office 12,500
i. Home Office 10,000

Cash 10,000
Home Office Books
a. Bacolod Branch 143,000

Cash 15,000
Store Furniture and Fixtures 9,000

Bacolod Branch 9,000
b. Accounts Receivable 346,000

Sales 346,000
c. Cash 400,000
d. Purchases 316,000

Cash 362,000
f. Expenses 89,500
Cash 92,000
g. Allowance for Uncollectible Accounts 1,500

h. Bacolod Branch 12,500

i.. Cash 10,000

Requirement 2
Jazz Company
Income Statement - Bacolod Branch
For the Month Ended January 31, 2012
Sales P 62,000
Cost of goods Sold:
Shipments from Home Office (102,000 + 12,500 + 6,000) P120,500
Purchases 30,000
Cost of Goods Available for Sale P150,500
Less Merchandise Inventory, December 31 (9,800 + 600) 104,000 46,500
Expenses (12,500 + 4,750 + 350+ 3,500) 21,100
Net Loss P 5,600
Jazz Company
Statement of Financial Position - Bacolod Branch
January 31, 2012
Assets
Cash (15,000 - 9,000 + 26,000 - 14,500 - 12,500 + 16,000 - 10,000) P 11,000
Accounts Receivable (62,000 + 26,000 - 26,000 – 17,500) 44,500
Merchandise Inventory (98,000 + 6,000) 104,000
Total Assets P159,500
Liabilities
Accounts Payable (30,000 - 14,500) P 15,500
Home Office (143,000-9,000-1,500+12,500-10,000+6,000+4,750+350 -5,600) 140,500
Total Liabilities P159,500
Jazz Company
Income Statement - Home Office
Sales P346,000
Cost of Goods Sold:
Merchandise Inventory, January 1 P460,000
Purchases 316,000
Less Shipments to Branch (102,000 + 12,500 + 6,000) 120,500
Cost of Goods Available for Own Sale P655,500
Less Merchandise Inventory, December 31 445,000 210,500
Gross Profit P135,500
Expenses (89,500 - 4,750 + 1,000 + 7,500) 93,250
Net Income from Own Operations P 42,250
Less Branch Net Loss 5,600
Net profit P 36,650
Income Tax 10,995
Net Profit P25,655
Jazz Company
Statement of Financial Position - Home Office
January 31, 2012
Assets
Cash (150,000 - 15,000 + 400,000 – 362,000 - 92,000 + 10,000) P 91,000
Accounts Receivable (420,000 - 26,000 + 346,000 - 400,000) P340,000
Less Allowance for Uncollectible Accounts (12,000 - 1,500) 10,500 329,500
Branch (143,000 - 9,000 - 1,500 + 12,500 - 10,000
+ 6,000 + 4,750+ 350 - 5,600) 140,500
Store Furniture and Fixtures (150,000 + 9,000) P159,000
Less Accumulated Depreciation (46,000 + 1,350) 47,350 111,650
Total Assets P1,117,650
Liabilities and Shareholders’ Equity
Accounts Payable (337,500 + 316,000 - 362,000) P 291,500
Income Tax Payable 10,995
Ordinary Share Capital 500,000
Retained Earnings (282,000 + 25,655) 307,655
Total Liabilities and Shareholders’ Equity P1,117,650
Requirement 3
Jazz Company
Combined Income Statement for Home Office and Branch
Sales P408,000
Cost of Goods Sold:
Merchandise Inventory, January 1 P460,000
Purchases 346,000
Less Merchandise Inventory, December 31 549,000 257,000
Expenses 114,350
Net Profit P 36,650
Income Tax 10,995
Net profit P 25,655
Jazz Company
Combined Statement of Financial Position for Home Office and Branch
January 31, 2012
Assets
Cash P 102,000
Accounts Receivable P384,500
Less Allowance for Uncollectible Accounts 10,500 374,000
Store Furniture and Fixtures P159,000
Less Accumulated Depreciation 47,350 111,650
Total Assets P1,136,650
Liabilities and Shareholders’ Equity

Accounts Payable P 307,000
Ordinary Share Capital 500,000
Retained Earnings 307,655
Total Liabilities and Shareholders’ Equity P1,136,650
Requirement 4
Branch Books
a. Shipments from Home Office 6,000

Home Office 6,000
b. Expenses 4,750
Home Office 4,750
c. Expenses 350
Home Office 350
P22,500 + P9,000 = P31,500/7.5 yrs x 1/12
d. Expenses 3,500
e. Sales 62,000
Merchandise Inventory, end 104,000
Purchases 30,000
Expenses 21,100
f. Home Office 5,600

Home Office Books
a. Bacolod Branch 6,000

b. Bacolod Branch 4,750

Expenses 4,750
c. Expenses 1,000
Bacolod Branch 350
Accumulated Depreciation 1,350
( 150,000 - 30,000 = 120,000 x 10% x 1/12 = 1,000 )
d. Expenses 7,500
e. Branch Income 5,600

f. Sales 346,000
Purchases 316,000
Expenses 93,250
Branch Income 5,600
Income Tax 10,995


Income Tax 10,995
g. Income Summary 25,655

Retained Earnings 25,655
Problem 8-5
Requirement 1
Feroza Company
Working Paper for Combined Financial Statements
For the Year Ended December 31,2012
Adjustments Combined Income Combined Balance
Eliminations Statement Sheet
Debits HO BR Dr. Cr. Dr. Cr. Dr. Cr.
Cash 63,000 21,900 84,900
NR 10,500 10,500
AR 120,600 55,950 176,550
Inventories 143,700 36,300 180,000
F&E 72,150 72,150
Branch Cu. 124,050 a.124,050

CGS 300,750 128,700 429,450
OE 104,250 32,850 137,100
939,000 275,700
Credits
AP 61,500 61,500
CS 300,000 300,000
HO Cur. 124,050 a.124,050
RE 37,500 37,500
Sales 540,000 151,650 691,650
939,000 275,700 124,050 124,050 566,550 691,650
Net Profit 125,100 125,100
691,650 691,650 524,100 524,100
Requirement 2
a. Sales 151,650
Cost of Goods Sold 128,700
Operating Expenses 32,850
b. Home Office 9,900

Requirement 3
a. Branch Income 9,900
Branch 9,900
b. Income Summary 9,900

Branch Income 9,900
Problem 8-6
Requirement 1
Isuzu Company
January 31, 2012
Home Office Branch Books

Books
Branch Acct. Home Office Acct.
Unadjusted balances P77,150 P56,450
Add (deduct);
Advertising expense charged to branch 600
Merchandise shipment in transit 4,400
Merchandise shipment for P16,560 recorded
as P16,650 ( 90)
Collection of home office account 750
Understatement of 1994 depreciation ( 540)
Remittance to home office in transit (16,000) _______
Adjusted balances P61,360 P61,360
Requirement 2
Home Office Books
a. Cash 16,000
Retained Earnings 540
Branch Books
a. Advertising Expense 600
Home Office 4,910
Problem 8-7
Requirement 1
a. Shipments from Home Office 57,600
Home Office Current 65,700
b. Sales 778,200
c. Income Summary 116,990

Home Office Current 116,990
Requirement 2
a. Freight-Out 470
Branch Current 470
b. Cash 19,200
Branch Current 19,200
c. Branch Current 116,990

Branch Income 116,990
Requirement 3
Ford Company
Reconciliation of Current Account
December 31,2012
Branch Home Office
Acct. Acct.
Balances before adjustment P 206,344 P120,974
Shipment in transit 57,600
Advertising charged to branch 4,200
Rent charged to branch 3,900
Error in charging freight (470)
Remittance in transit (19,200)
Problem 8-8
Mitsubishi Trading Company
December 31, 2012
Branch Acct. Home Office Acct.

Add (deduct):
Error in recording cost of equipment 3,150
Insurance premium recorded twice by branch ( 675)
Freight for P1,125 recorded as P1,215 ( 90)
Discount from home office not recorded ( 800)
Share of branch in advertising not recorded 700
Error in recording remittance ( 3,000) ________
Adjusted balances P222,770 P222,770
Requirement 3
a. Office Equipment 3,150

Advertising Expense 700
Insurance Expense 675
Freight 90
Discount from Home Office 800
Home Office 2,285
MULTIPLE CHOICE
1. B
2. A
3. B Sales P400,000
Cost of sales ( 400,0000 - 70,000) 330,000
Gross profit 70,000
Expenses [30,000 + 10,000 + (10,000 - 6,000) + 5,000] 49,000
Net profit P 21,000
4. B Sales P46,500
x 70%
Cost of sales w/o freight P32,550
Add freight 1,100
Cost of sales w/ freight P33,650
5. B Sales P46,500
Less Sales Discount (39,690 / 98%) - 39,690 810 P45,690
Cost of sales 33,650
Expenses:
Selling P 2,820
Administrative (46,500 x 5%) 2,325
Samples Expenses 1,900 7,045
Net Profit P 4,995
6. C 17,500 + 8,000 +9,250 + (50,000 x 60% x 1/6) = P39,750
7. C Sales P176,000
Expenses 39,750
Net Income P 31,250
8. D P 87,500 / 125% = P70,000

9. B Sales P 87,500
Expenses (350 + 250) 6,000
Net Income P 11,500
10 A
11 C
12 B
13 A Sales P74,000
Cost of sales
Shipments P67,680
Less Inventory, end 9,180 58,500
Expenses 6,820
Net Profit P 8,680
14 B
15 D
16 A P17,500 + 8,680 P 26,180
17 A
18 A 203,500 – (186,120 – 25,245 – 18,755) = 23,870
19 D Home Office Current P 48,125

Branch Income 23,870
Correct branch account - current P 71,995
20 D
21 A Sales P112,500
Cost of Sales:
Shipments from home office P120,000
Less Inventory, Dec. 31 30,000 90,000
Gross profit P 22,500
Expenses 8,100
Net Profit P 14,400
22 B P90,000 + P14,400 P104,400
23 B P1,500 + 43,800 + 37,170 P 82,470

24 D Net Sales (198,720 - 3,600) P 195,120

Cost of sales
Beg. Inventory P 37,170
Shipments 136,000
Goods available for sale P 173,170
End. Inventory 41,370 131,800
Expenses (57,930 + 1,920) 59,850
Net Profit P 3,470
25 A BR. Acct. HO Acct.

Balances before adjustment P150,000 P117,420
Adjustments:
1. Shipments in transit 37,500
2. HO AR collected by branch 10,500
3. Supplies returned (4,500)
4. Error in recording Br. net income (1,080)
5. Cash to Branch in transit 25,000 25,000
P179,920 P 179,920
26 D P 179,920
27 C P37,500 + P25,000 = P62,500
28 B BR Acct. HO. Acct.

Balances P43,500 P41,990
Error in recording allowance 60
Advances taken by Pres. (550)
Share in advertising expense 900
P42,950 P42,950
29 A
30 B Sales
Cost of sales P 100,000
Inventory, beg. P21,000
Merchandise from Home Office 61,000
Merchandise available for sale P82,000
Less Inventory, end 19,000 63,000
Gross profit P37,000
Net profit of Branch A P16,000
31 D Branch A Branch B
Imprest branch fund P 2,000 P 1,500
Accounts Receivable, Jan.1 55,000 43,500
Inventory, Jan.1 21,000 19,000
Home Office account P 78,000 P 64,000
32 A
33 C Imprest branch fund P 1,500

Accounts Receivable, Dec. 31 53,500
Inventory, Dec. 31 12,000
Balance of Branch account - current P 67,000
34 D
35 B Sales P 80,000
Cost of sales
Inventory, Jan.1 P 19,000
Merchandise from Home office 47,000
Merchandise available for sale P 66,000
Less Inventory, Dec.31 12,000 54,000
Gross profit P 26,000
Net profit of Branch B P 11,700
36 D HO Account. Branch
Acct.
Beg. Balances P 30,670 P 30,670
1. Branch remittances (55,000) (47,800)
2. Shipment to branch 138,000 160,000
3. Home office expense paid by branch (5,700)
4. Branch receivable collected by branch (8,900)
P 107,970 P 133,970
37 D Branch Acct. HO Acct.

Unadjusted balances P 133,970 P 107,970
1. Remittance in transit (7,200)
2. Shipment in transit 22,000
3. Home office expense paid by branch (5,700)
4. Branch receivable collected by branch (8,900)
5. Branch net profit 6,500 6,500
P 127,570 P 127,570
38 B Marketing Expense of another branch charged to Butuan P (10,000)

Butuan’s remittance credited to Davao ( 65,700)
Net adjustment in Home Office Banch account P (75,700)
39 B Fixed account not recorded by Butuan P (53,960)

Inventory transfer recorded twice by Butuan 75,000
Error in recording debit memo ( 90)
Net adjustment in Branch Books P 20,950
40 D
Branch Account Home Off. Account
Net adjustment in Branch Account (75,700) (20,950)
41 A P451,540 – P6,000 –P6,300 +P1,350 +P180 + P1,600 – P1,400 P440,970
42 B P6,300 – P 1,350 – P180 – P1,600 + P1,400 P 4,570
43 C P451,540 – P6,000 P 445,540
44 A

Chapter8aa1sol 2012 PDF

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Chapter8aa1sol 2012 PDF

Enviado por

Direitos autorais:

Formatos disponíveis

CHAPTER 8

(a) Working Fund – Agency 5,000

(b) Accounts Receivable – Agency 50,000

(c) Cash 35,000

(d) Expenses – Agency 4,500

(e) Expenses – Agency 2,250

(f) Cost of Sales – Agency 36,000

(a) Working Fund - Makati Agency 10,000

(b) Accounts Receivable - Makati Agency 200,000

(c) Cost of Sales - Makati Agency 116,000

(d) Salaries and Commission - Makati Agency 20,000

(e) Delivery Expense - Makati Agency 6,200

(f) Samples Expense - Makati Agency 25,000

(g) Office Supplies - Makati Agency 300

Office Supplies Expense 300

(h) Depreciation Expense - Makati Agency 1,250

(I) Sales - Makati Agency 200,000

(j) Agency Income 30,850

(a) Cash 20,000

(b) Iloilo Branch 3,500

(c) Expenses 1,200

(d) Iloilo Branch 32,000

(e) Shipments to Iloilo Branch 15,000

(f) Furniture and Fixtures 5,500

(g) Iloilo Branch 550

(h) Branch Income 2,600

Branch Office Books

(a) Home Office 20,000

(b) Expenses 3,500

(c) Home Office 1,200

(d) Shipments from Home Office 32,000

(e) Home Office 15,000

(f) Memo entry

(g) Depreciation Expense 550

(h) Home Office 2,600

(5) Cash 150,000

Branch Office Books

(1) Shipments from Home Office 300,000

(2) Accounts Receivable 390,000

(3) Expenses 74,000

(4) Cash 288,000

(5) Home Office 150,000

(6) Furniture and Fixtures 40,000

(7) Expenses 8,000

Income Summary 62,000

Cash (-720,00 + 288,000 - 150,000 - 40,000) P 26,000

Accrued Expenses P 2,000

(a) Furniture and Fixtures 24,500

(b) Branch 24,500

(c) Branch 2,450

(d) Furniture & Fixtures – new 40,000

Branch Office Books

(a) Home Office 24,500

(b) Accounts Payable 24,500

(c) Depreciation Expense 2,450

(d) Memo entry

Jan. 10 Notes Payable 2,500

10 Furniture and Fixtures 10,000

16 Shipments from Home Office 6,500

16 Home Office 2,000

20 Home Office 1,200

25 Home Office 150

31 Home Office 750