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Record merchandise shipment in transit from home office

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Reference no: EM132492370

On January 31, 2009, East Branch of Far Company, which uses the perpetual inventory system, prepare the following journal entry.

Inventories in transit   10,000

Home Office 10,000

Question 1: To record merchandise shipment in transit from home office. When the merchandise is received on February 4, 2009, East Branch should:

Option a. Prepare no journal entry

Option b. Debit Inventories and credit Home Office, P10,000

Option c. Debit Home Office and credit Inventories in transit, P10,000

Option d. Debit inventories and credit Inventories in transit, P10,000.

Reference no: EM132492370

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