The question is complete, and nobody has answered one single question that I have asked....Can someone please assist with question 3? Identify any adjusting journal entries that would be needed on either the home office or branch office accounting records as a result of the preceding transactions for University of Southern Mississippi BUSINESS acc409 Bank Transfer problem: Hattiesburg Transaction Cycle Problem 1

Bank Transfer Problem Chapter 10 - Other:

Blue River Faith Company has a major branch located in Hattiesburg.The branch deposits cash receipts daily into the bank and periodically transfers the receipts to the company's home office in Jackson.The transfers are accounted for as inter-company entries into the home office and branch office accounts.All accounting, however, is performed at the home office under the direction of the assistant controller.The assistant controller is also responsible for the transfers.The controller, however, independently reconciles the bank account each month or assigns this reconciliation to someone in the department.Often times the assistant controller is assigned this duty. The company is relatively small; therefore the controller is also the financial planner and treasurer for the company.As part of the year-end audit, you are assigned the task of conducting an audit of bank transfers.As part of the process, you are provided the following schedule of transfers:

Date disbursement

per Branch

Dollar

Amount

Date

deposited Home Office

Date Cleared Bank per Home Office Bank Statement

Date Cleared Bank per Branch Statement

12-29-2011

$80,000

12-31-2011

12-31-2011

01-07-2012

01-02-2012

$41,000

12-31-2011

12-31-2011

01-05-2012

01-05-2012

$82,000

01-03-2012

01-07-2012

01-12-2012

12-31-2011

$54,000

01-02-2012

01-03-2012

01-08-2012

01-03-2012

$11,000

01-03-2012

12-31-2011

01-05-2012

12-27-2011

$32,000

12-31-2011

12-31-2011

01-03-2012