Consolidation Worksheet Entries A Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit 1 Retained earnings 191,000 Common stock 250,000 Investment in Saul Corporation

Consolidation Worksheet Entries A Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit 1 Retained earnings 191,000 Common stock 250,000 Investment in Saul Corporation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Thank you for the help, but I do not have that many journal entry lines. Is there a more basic consolidation journal entry you could walk me through? Thank you!

Consolidation
Worksheet Entries
A
Record the basic consolidation entry.
Note: Enter debits before credits.
Event
Accounts
Debit
Credit
1
Retained earnings
191,000
Common stock
250,000
Investment in Saul Corporation

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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