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    Home Office Books Branch Office Books

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    irahQ
    This document summarizes the journal entries for a home office and its branch office. It records transfers of cash and merchandise between the two offices, purchases and sales at the branch, expense allocations from the home office to the branch, and remittances from the branch to the home office. The document ends by listing an eliminating entry to reconcile the shipment accounts between the offices.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Home Office Books Branch Office Books

    Uploaded by

    irahQ
    54 views3 pages
    This document summarizes the journal entries for a home office and its branch office. It records transfers of cash and merchandise between the two offices, purchases and sales at the branch, expense allocations from the home office to the branch, and remittances from the branch to the home office. The document ends by listing an eliminating entry to reconcile the shipment accounts between the offices.

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    Assignment 2.docx

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    This document summarizes the journal entries for a home office and its branch office. It records transfers of cash and merchandise between the two offices, purchases and sales at the branch, expense allocations from the home office to the branch, and remittances from the branch to the home office. The document ends by listing an eliminating entry to reconcile the shipment accounts between the offices.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    54 views3 pages

    Home Office Books Branch Office Books

    Uploaded by

    irahQ
    This document summarizes the journal entries for a home office and its branch office. It records transfers of cash and merchandise between the two offices, purchases and sales at the branch, expense allocations from the home office to the branch, and remittances from the branch to the home office. The document ends by listing an eliminating entry to reconcile the shipment accounts between the offices.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    HOME OFFICE BOOKS BRANCH OFFICE BOOKS

    1. Investment in Branch xxx Cash xxx


    Cash xxx Home Office xxx
    To record the transfer of Cash to the To record the transfer of cash from
    Branch. Home Office.

    2. Investment in Branch xxx Shipment from xxx


    Home Office
    Shipment to xxx Home Office xxx
    Branch
    To record the transfer of merchandise to To record the transfer of merchandise
    the Branch at cost. from the Home Office at cost.

    Investment in Branch
    Shipment to
    Branch
    Allowance of
    Overvaluation
    of Branch
    Inventory
    Inventory billed at above cost

    3. Merchandise Display xxx Home Office xxx


    Equipment-Branch
    Investment in xxx Cash xxx
    Branch
    To record the merchandise display To record the merchandise display
    equipment purchase of the Branch. equipment purchased.

    4. - Purchases xxx
    Accounts xxx
    Payable
    To record the purchase of inventory on
    account.

    5. - Cash xxx
    Accounts xxx
    Receivable
    Sales xxx
    To record the cash and credit sales.

    6. - Cash xxx
    Accounts xxx
    Receivable
    To record the collection of Accounts
    Receivable.

    7. - Accounts Payable xxx


    Cash xxx
    To record the payment to outside
    creditors.
    8. - Selling Expense xxx
    General and xxx
    Admirative Expense
    Cash xxx

    To record the expense paid.

    9. Investment in Branch xxx Insurance Expense xxx


    Insurance xxx Home Office xxx
    Expense
    To record the insurance expense To record the insurance expense
    allocated by to the Branch. allocated by the Home Office.

    10. Investment in Branch xxx Depreciation xxx


    Expense
    Deprecation xxx Home Office xxx
    Expense
    To record the allocated depreciation To record the allocated expense from
    expense to the Branch. the Home Office.

    11. Cash xxx Home Office xxx


    Investment in xxx Cash xxx
    Branch
    To record the remittance from the Branch. To record the remittance to Home
    Office.

    12 Sales xxx
    COGS xxx
    Expenses xxx
    Income xxx
    Summary

    Investment in Branch xxx Income Summary xxx


    Income from xxx Home Office xxx
    Branch
    To recognize the income of the Branch.

    Eliminating Entries
    Shipment to Branch
    Home Office
    Allowance for Overvaluation of Branch Inventory
    Shipment from Home Office
    Investment in Branch

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