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    msedgerly's Avatar
    msedgerly Posts: 1, Reputation: 1
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    #1

    Jul 29, 2014, 06:55 AM
    Journal Entries?
    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's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    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
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