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Journal Entries

Home

a. Branch Current 63,750


Cash 63,750
#

b. Branch Current 75,300


Shipment to Branch 75,300
#

c. Accounts Recievable 157,500


Sales 157,500
#

d. Purchases 183,750
Accounts Payable 183,750
#

e. Cash 170,400
Accounts Recievable 170,400
#

f. Accounts Payable 186,000


Cash 186,000
#

g. Expenses 39,900
Cash 39,900
#

h. Cash 80,100
Branch Current 80,100
#

i. Accounts Payable 15,000


Cash 15,000
Adjusting Entries

Home

a. Depreciation Expense 1,770


Accu. Dep. Expense 1,770
#

b. Prepaid Expense 375


Expenses 375
#

c. Expenses 150
Accrued Expenses 150
#

Home Closing Entries


a. Sales 157,500
Income Summary 157,500
#

b. Income Summary 95,880


Inventory 12/31 72,750
Shipment to Branch 75,300
Inventory 1/1 60,180
Purchases 183,750
#

c. Income Summary 41,445


Expenses 39,675
Depreciation Ex. 1,770
#

d. Branch Loss 2,100


Branch Current 2,100
#

e. Income Summary 2,100


Branch Loss 2,100
Branch

a. Cash 63,750
Home Office Current 63,750
#

b. Shipment from home office 75,300


Home Office Current 75,300
#

c. Accounts Recievable 99,000


Sales 99,000
#

d. Purchases 33,750
Accounts Payable 33,750
#

e. Cash 80,100
Accounts Recievable 80,100
#

f. Home Office Current 80,100


Cash 80,100
#

g. Accounts Payable 18,375


Cash 18,375
#

h. Furniture & Fixture 12,000


Cash 12,000
#

i. Expenses 27,000
Cash 27,000
Branch

a. Deprecition Expense 975


Accu. Dep. Expense 975
#

b. Prepaid Expense 1,125


Expenses 1,125
#

c. Expenses 450
Accrued Expenses 450
#

Branch
a. Sales 99,000
Income Summary 99,000
#

b. Income Summary 73,800


Inventory 12/31 35,250
Shipment to H.O 75,300
Purchases 33,750
#

c. Income Summary 27,300


Expenses 26,325
Depreciation Ex. 975

d. Home Office Current 2,100


Income Summary 2,100
Assets

Cash 6,375
Accounts recievable 18,900
Inventory 35,200
Prepaid Expense 1,125
Furniture and Fixture 12,000
Less: Accu. Depreciation Expense 975 11,025
Total 72,675

Sales
Cost Of Sales:
Shipment to home office 75,300
Purchases 33,750
Less: Invty, End -35,250
Gross Income
Less: Expenses 26,325
Depreciation Ex. 975
Comprehensive Income
Cebu Company- Branch
Statement of Financial Position
as of December 31,2016

Liabilities & Equity

Liability
Accounts Payable 15,375
Accrued Expense 450
Total Liability 15,825

Equity
Capital 58,950
Less: loss 2,100
Total Capital 56,850

Total L & E 72,675

Cebu Company
Statement of Comprehensive Income
for the year ended Dec. 31,2016

99,000

73,800
25,200

27,300
-2,100

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