Intrafamily transactions are also eliminated from the consolidated balance sheet. For example, if Sand Company owed Palm Company

$10,000, this amount would appear as Accounts [Receivable / Payable]

on the balance sheet of Palm Company and as Accounts [Receivable /

Payable] on the balance sheet of Sand Company. On the consolidated balance sheet, the Accounts Receivable and Accounts Payable would each be $10,000 [more / less] than the sum of these amounts on the balance sheets of each of the family members.