Advanced Accounting Assignment (Maximum of Three Students) Carrying

Value: __________ Deadline: __________________

Problem 1 among the journal entries for business transactions and events of Samsung
Electronics Inc. and its’ Somaliland branch of January 2013 were as follows.
Dr. Cr. 2013 $ $ Jan.12 (a) Inventories 60,000
Home Office 60,000 25 (b) Cash 25,000
Home Office 25,000 31 (c) Operating Expenses 18,000
Home office 18,000 Requirement Prepare appropriate journal
entries for the Home office (Samsung Electronics Inc.)

Problem 2 Among the journal entries between the Home office of LG Co. and its China
Branch for the month ended May 31, 2014 were the following.
Dr. Cr. 2014
$ $ May .6 (d) Investment in China
Branch 10,000
Cash 10,000 25 (e) Cash 6,000
Investment in China Branch 6,000 31 (f) Equipment: China Branch 18,000
Investment in China Branch 18,000 Requirement Prepare
appropriate journal entries for China Branch Notes to the transactions

a) To record the receipt of merchandise shipped from the home office b) To record the
trade account receivable of home office c) To record operating expenses allocated by
home office d) To record payment of account payable of Branch e) To record collection
of trade account receivable of the branch f) To record branch acquisition of equipment
for cash, to be carried in home office
accounting records.

Lecturer: Qasim Jama Hirsi