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ParCorp owns 100% of ChiCorp's common stocks. ChiCorp owes ParCorp $10K. ParCorp's journal entry in relation to its accounts receivable at consolidation date must include:

ParCorp owns 100% of ChiCorp's common stocks. ChiCorp owes ParCorp $10K. ParCorp's journal entry in relation to its accounts receivable at consolidation date must include:

Crediting accounts receivable for 10K

Crediting accounts payable for 10K

Debiting accounts payable for 10K

None of the above

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