Intercompany Service TransactionsPF Consolidated Inc. provided consulting services to its subsidiary, Sessions Athletic Gear, during 2023. PF Consolidatedcharged $500,000 of travel, salary, overhead and supplies costs to its administrative expenses account, and chargedSessions $750,000 for the services. By December 31, 2023, the end of PF's accounting year, Sessions has paid all but$60,000 of the balance due to PF. Sessions categorizes the services as administrative.Requireda. What balances appear in the December 31, 2023, trial balances of PF and Sessions with respect to theseintercompany services? What balances should appear on the consolidated financial statements?• Use negative signs with answers to indicate a Credit (Cr) balance.• Enter answers using all zeros (do not abbreviate answers to millions or thousands).Accounts receivableAccounts payableConsulting revenueAdministrative expensesPF ConsolidatedInc.Dr (Cr)Accounts payable60,000(750,000)✓500,000SessionsAthletic GearDr (Cr)Accounts receivableTo eliminate intercompany receivables/payables.Consulting revenue(60,000)0750,000b. Prepare the working paper eliminating entries needed for these intercompany services at December 31, 2023.Enter answers using all zeros (do not abbreviate answers to millions or thousands).DescriptionCreditAdministrative expensesTo eliminate intercompany revenues/expenses.ConsolidatedBalancesDr (Cr)Debit60,0000500,000 x750,000 ✓0✔60,0000750,000

Please refer to step 2 for detailed solution

• Enter answers using all zeros (do not abbreviate answers to millions or thousands). PF Consolidated Inc. Sessions Athletic Gear Dr (Cr) Consolidated Balances Dr (Cr) Dr (Cr) 0 (60,000) Accounts receivable Accounts payable Consulting revenue Administrative expenses 60,000 0 (750,000) 500,000 750,000 0 0 500,000 x

• Enter answers using all zeros (do not abbreviate answers to millions or thousands). PF Consolidated Inc. Sessions Athletic Gear Dr (Cr) Consolidated Balances Dr (Cr) Dr (Cr) 0 (60,000) Accounts receivable Accounts payable Consulting revenue Administrative expenses 60,000 0 (750,000) 500,000 750,000 0 0 500,000 x

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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