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MALIQUE corporation created a new branch outlet in Kentucky. The transactions of the
Kentucky branch during the year are follows:
1. Received cash of $40,000 from HO.
2. Purchased equipment with five year life for $20,000 cash.
3. Received merchandise shipments from HO at $32,000 HO cost.
4. Purchased merchandise from outside suppliers for $8,000 cash.
5. Sold merchandise for $60,000 cash.
6. Returned $2,000 of the merchandise acquired from the HO
7. Paid expenses as follows:
salaries $12,000
utilities 2,000
rent expense 4,000
other expense 4,000
8. Remitted $30,000 to the HO.
9. Salaries payable at year-end were $2,000 and depreciation for the year was $4,000.
10. Branch inventories at year-end consisted of $2,000 merchandise acquired from
outside suppliers & $10,000 acquired from HO.
Required:
Journalize all the transactions above either from the point of view home office or the branch.
JAWABAN:
Hakeem Corporation
Home Office and Branch Journal Entries
For the Year 2012
Ite HO Books Lexington Branch Books
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