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Work Paper Elimination Journal Entry
P Company purchased 100% of S Company on January 1, 2002, at its book value. During 2002, P Company received $80,000 in consulting fees from S Company. On the work sheet to prepare a consolidated income statement on December 31, 2002, the following elimination entry is needed:
a. Consulting Fee Revenue 80,000 Consulting Fee Expense 80,000 b. Consulting Fee Expense 80,000 Consulting Fee Revenue 80,000 c Cash 80,000 Consulting Fee Revenue 80,000 d. Consulting Fee Expense 80,000 Cash 80,000 THe answer I turned in was (c). Am I correct or not? Please respond... thanks!:D |
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