Among the journal entries of the home office of Turbo Company for the month ended August 31,
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Among the journal entries of the home office of Turbo Company for the month ended August 31, 2005, were the following:
2005 Aug. 6 Investment in Lido Branch 10,000 Cash 10,000 To record payment of account payable of branch.
14 Cash 6,000 Investment in Lido Branch 6,000 To record collection of trade account receivable of branch.
22 Equipment: Lido Branch 20,000 Investment in Lido Branch 20,000 To record branch acquisition of equipment for cash, to be carried in home office accounting records.
Prepare appropriate journal entries (omit explanations) for Lido Branch of Turbo Company.
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