1500 Depreciation Expense FF 36 Miscellaneous General Expense 905 31 Home

1500 depreciation expense ff 36 miscellaneous general

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1,500 Depreciation Expense – F&F ………………………. 36 Miscellaneous General Expense …………………. 905 31 Home Office Current………….………………………………. 3,021 Income Summary …………………………………….. 3,021 (b) Home Office Books Dec 31 Income Summary ………………………………………………. 31,500 Merchandise Inventory ………………………………. 31,500 31 Merchandise Inventory ………………………………………... 24,200 Income Summary ……………………………………… 24,200 31 Store Supplies Expense …………………………………………. 560 Store Supplies …………………………………………… 560 Store supplies used: P940 – P380, or : 560
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31 Prepaid Expense ………………………………………………… 350 Miscellaneous General Expense …………………… 350 31 Miscellaneous General Expense …………………………….. 260 Accrued Expenses ……………………………………. 260 31 Depreciation Expense ………………………………………….. 85 Accumulated Depreciation – F&F …………………. 85 Depreciation: 1% of P8,500, or P85 31 Cash in Transit …………………………………………………. 1,500 Branch Current………………………………………… 1,500 31 Sales …………………………………………………………… 44,850 Shipments to branch ……………………… ....................... 8,500 Income Summary …………………………………. 53,350 Dec 31 Income Summary ……………………………………………… 42,405 Purchases ……………………………………………… 27,600 Advertising Expense …………………………………. 2,850
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Salaries and Commissions Expense ………………. 4,250 Store Supplies Expense ……………………………… 560 Miscellaneous Selling Expense …………………….. 1,850 Rent Expense …………………………………………. 2,700 Depreciation Expense – F&F ………………………. 85 Miscellaneous General Expense …………………. 2,510 31 Branch Income Summary…………………………………….. 3,021 Branch Current………………………………………… 3,021 31 Unrealized Intercompany Inventory Profit ………………. 1,750 Branch Income Summary………………………… 1,750 Calculation of unrealized profit adjustment: Balance of unrealized profit account, December 31 ……………………….. P3,700 Inventory merchandise received from Home office at billed price on December 31, P11,700 Inventory at cost: P11,700/ 1.20, or P9,750 Balance of unrealized profit account on December 31, P11,700 – P9,750 .... 1,950 Required decreased in unrealized profit Adjustment to branch income for Overstatement of cost of goods Sold …………………………………….. P1,750
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31 Income Summary …………………………………………… 1,271 Branch Income Summary…………………….
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