This Question: 1 pt 16 of 21 (0 complete) This Quiz: 25 pts possible Big Company

Question

This Question: 1 pt 16 of 21 (0 complete) This Quiz: 25 pts possible Big Company owns 100% of the outstanding common stock of Small Company Small Company borrowed $14,000 from Big Company which elimination entry is required for this transaction? O A. O B. debit Note Receivable for $14,000 and credit Note Payable for $14,000. debit Common Stock for $14,000 and credit Note Receivable for S14,000 C. O D. debit Note Payable for $14,000 and credit Note Receivable for $14,000. Click to select your answer

Explanation / Answer

Particular Amt(Dr) Amt(Cr) Common Stock $ 14,000.00    To Notes Payable $ 14,000.00 Notes Receivable $ 14,000.00    To Cash $ 14,000.00 Elimination Entry Ans(D) Particular Amt(Dr) Amt(Cr) Notes Payable 14000    To Notes Receivable 14000

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