Question
ParCorp owns 80% of ChiCorp's common stocks. ChiCorp owes ParCorp $10K. ChiCorp's journal entry in relation to its accounts payable at consolidation date must include:
ParCorp owns 80% of ChiCorp's common stocks. ChiCorp owes ParCorp $10K. ChiCorp's journal entry in relation to its accounts payable at consolidation date must include:
| Crediting accounts receivable for 8K | ||
| Crediting accounts payable for 10K | ||
| Debiting accounts payable for 8K | ||
| None of the above |
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
