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msedgerly
Jul 29, 2014, 06:55 AM
Old company is receiving money for contracts that new company is fulfilling, then transferring the money to the new company. How do I record that in the general journal? It is basically flow through of money from old company to new company. (Same owner.)

paraclete
Jul 29, 2014, 10:43 PM
The would be an intercompany suspense account which would be credited with the funds on receipt then debited when the funds were transferred