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The Municipality of Dawson provided the public library with $1 million in operating funding for 20X5-X6. The cash was transferred on April 1, 20X5. The

The Municipality of Dawson provided the public library with $1 million in operating funding for 20X5-X6. The cash was transferred on April 1, 20X5. The library is controlled by the municipality. What elimination entry is needed upon consolidation?

Debit accounts receivable, credit accounts payable

Credit expenses, debit revenues

Credit accounts receivable, debit accounts payable

Debit expenses, credit revenues

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