ABC Company, Inc. has paid $800 to Franchise Tax Board on behalf of XYZ Company, Inc., which will be reimbursed by XYZ Company, Inc. The reimbursement has not been processed as of the current period. What is the journal entry to record this transaction on ABC Company's books in the current period? What is the journal entry to record this transaction on XYZ Company's books in the current period?

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Answer To record the transaction on ABC Companys books in the current period the following journal e... View the full answer