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    Closing Entries - Branchbooks: (Branch Books) Home Office

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    The document provides information about closing entries for branch and home office books. It includes details of cash remittances, shipments, returns, expenses, and balances between the branch and home office for the period ending 20XX. The branch recorded its expenses incorrectly. The required tasks are to 1) compute the correct balances of reciprocal accounts and 2) prepare entries to bring the accounts into balance for the home office's combined financial statements.

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    Closing Entries - Branchbooks: (Branch Books) Home Office

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    Unknown 01
    275 views2 pages
    The document provides information about closing entries for branch and home office books. It includes details of cash remittances, shipments, returns, expenses, and balances between the branch and home office for the period ending 20XX. The branch recorded its expenses incorrectly. The required tasks are to 1) compute the correct balances of reciprocal accounts and 2) prepare entries to bring the accounts into balance for the home office's combined financial statements.

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    Accounting Questions 1

    Original Title

    AA 1

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    The document provides information about closing entries for branch and home office books. It includes details of cash remittances, shipments, returns, expenses, and balances between the branch and home office for the period ending 20XX. The branch recorded its expenses incorrectly. The required tasks are to 1) compute the correct balances of reciprocal accounts and 2) prepare entries to bring the accounts into balance for the home office's combined financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    275 views2 pages

    Closing Entries - Branchbooks: (Branch Books) Home Office

    Uploaded by

    Unknown 01
    The document provides information about closing entries for branch and home office books. It includes details of cash remittances, shipments, returns, expenses, and balances between the branch and home office for the period ending 20XX. The branch recorded its expenses incorrectly. The required tasks are to 1) compute the correct balances of reciprocal accounts and 2) prepare entries to bring the accounts into balance for the home office's combined financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    2.

    Closing Entries – Branch Books

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    3. Closing Entries – Home Office Books

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    Exercise No. 6

    At the end of 20XX, the following records were taken form the books of the home office and the branch.

    (Branch Books)
    Home Office
    12/01 Cash remitted to home office 80,000 01/01 Balance 60,000
    12/28 Cash remitted to home office 30,000 12/05 Shipments from Home Office 120,000
    12/28 Merchandise returned to home
    office 12,000 12/28 Expenses from Home Office 45,200

    Balance 103,200

    (Home Office Books)


    Investment in Branch
    01/01 Balance 60,000 12/03 Cash received from branch 80,000
    12/04 Shipments to branch 120,000 12/28 Collection from branch customer 18,000
    12/28 Expense Allocation 52,400
    12/28 Shipments to branch 24,000
    12/28 Supplies purchased for branch and
    shipped directly to branch 8,000

    Balance 166,400

    Except for the error by the branch in recording its share of allocated expenses, all difference are timing differences.

    Required:
    1. Compute the correct balance of reciprocal accounts.
    2. Prepare the necessary entries to bring the reciprocal accounts into balance for a working paper used to p repare the home
    office’s combined financialstatements.

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