Reference no: EM132844120
Comparison between the interoffice account of the Walsh Wholesale Company with its suburban branch and the corresponding account carried on the latter's books shows the following discrepancies at the close of business on September 30, 19X2:
(a) A debit of $870 (Office Furniture) on the home office books is recorded by the branch as $780.
(b) A credit for $300 (Merchandise Allowances) by the home office is recorded by the branch as $350.
(c) The home office charges the branch $325 for interest on open account, which the branch fails to take up in full; instead, the branch sends to the home office an incorrect adjusting memo, reducing the charge by $75, and sets up a liability for the net amount.
(d) A labor charge by the home office, $433, is recorded twice by the branch.
(e) A charge of $785 for freight on merchandise is made by the home office, but the amount is recorded by the branch as $78.50.
(f) The branch incorrectly sends the home office a debit note for $293, representing its proportion of a bill for truck repairs; the home office does not record it.
(g) The home office receives $475 from the sale of a truck, which it erroneously credits to the branch; the branch does not charge the home office therewith.
(h) The branch accidentally receives a copy of the home office entry dated October 10, 19X2, correcting item (g), and records a credit in favor of the home office as of September 30, 19X2.
The balance of the branch account on the home office books shows $131,690 receivable from the branch at September 30, 19X2. The interoffice accounts were in balance at the beginning of the year.
Instructions:
Problem (1) Determine the balance of the home office account on the branch books before adjustment.
Problem (2) Determine the correct amount of the interoffice balance.
Problem (3) Reconcile the amount of $131,690 on the home office books with adjusted balance of the reciprocal accounts.
Problem (4) Prepare the journal entry or entries necessary to adjust the branch books.
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