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

Question

This Question: 1 pt 21 of 21 (0 complete) This Quiz: 25 pts possible Big Company owns 100% of the outstanding common stock of Small Company Small Company borrowed $11,000 from Big Company which elimination entry is required for this transaction? O A. debit Note Payable for $11,000 and credit Note Receivable for $11,000 O B. debit Note Receivable for $11,000 and credit Note Payable for $11,000 O C. debit Common Stock for $11,000 and credit Note Receivable for $11,000. O D. debit Note Payable for $11,000 and credit Investment in Subsidiary for $11,000

Explanation / Answer

Debit Notes payable for $11000 and credit notes receivable for $11000 Option A is correct

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