The following ledger account was in the accounting records of the County Branch of City Company on December 31, 2006:
The home office of City Company used the perpetual inventory system, and billed the branch for merchandise shipments at 25% above home office cost.
Prepare journal entries to record the above indicated transactions and events in the accounting records of the home office of City Company. Adjusting entries are not required.

Question

The following ledger account was in the accounting records of the County Branch of City Company on December 31, 2006:
  The home office of City Company used the perpetual inventory system, and billed the branch for merchandise shipments at 25% above home office cost.
Prepare journal entries to record the above indicated transactions and events in the accounting records of the home office of City Company. Adjusting entries are not required.

Quizplus · Accepted Answer

The Answer of The following ledger account was in the accounting records of the County Branch of City Company on December 31, 2006:
  The home office of City Company used the perpetual inventory system, and billed the branch for merchandise shipments at 25% above home office cost.
Prepare journal entries to record the above indicated transactions and events in the accounting records of the home office of City Company. Adjusting entries are not required.

The Following Ledger Account Was in the Accounting Records of the County