Question
Saguaro Inc. owns 80% of Sequoia Inc. On January 1, 2018, Sequoia sign a note and took a loan from Saguaro for the amount of
Saguaro Inc. owns 80% of Sequoia Inc. On January 1, 2018, Sequoia sign a note and took a loan from Saguaro for the amount of $1,000,000 with an annual interest rate of 8%. No interest payment has been made. To prepare the consolidated financial statement for 2018 which of the following consolidating entry should be made?
| A debit to note payable in the amount of $1,000,000 | ||
| A credit to note payable in the amount of $1,000,000 | ||
| A debit to note receivable in the amount of $1,000,000 | ||
| A credit to note receivable in the amount of $800,000 | ||
| A debit to note payable in the amount of $800,000 |
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Audit Security How To Plan Implement And Audit Netsuite Security
Authors: Zenobia Plautz
1st Edition
B0B5KQKXSY, 979-8840043851
