I'm looking at a financial statement and have encountered and entry that I've never seen before -- an elimination entry. Can someone tell me what that is? Thanks!

Does the company in question own subsidiaries? If so this sounds like the consolidation entry which is pretty complex. Basically you eliminate the investment account on the parent companies books and the equity accounts on the subsidiaries books. There is a lot more to it but essentially that is what it is, a way to combine the books of the parent and its subsidiaries.