On May 31, 2005, the unadjusted balances of the Investment in Troy Branch ledger account of the home office of Argos Company and the Home Office account of the Troy Branch of Argos Company were $380,000 debit and $140,000 credit, respectively.

Additional Information 1. On May 31, 2005, the home office had shipped merchandise to the branch at a billed price of $280,000; the branch did not receive the shipment until June 3, 2005. Both the home office and the branch use the perpetual inventory system.

2. On May 31, 2005, the branch had sent a $10,000 “dividend” to the home office, which did not receive the check until June 2, 2005.

3. On May 31, 2005, the home office had prepared the following journal entry, without notifying the branch:

Cash 50,000 Investment in Troy Branch 50,000 To record collection of a trade account receivable of branch.

Prepare journal entries (omit explanations) on May 31, 2005, for

(a) the home office and

(b) the Troy Branch of Argos Company to reconcile the reciprocal ledger accounts.