Question: when company used new entity C's card to settle an expense for old entity A, we would log it under old entity A and then

when company used new entity C's card to settle an expense for old entity A, we would log it under old entity A and then prepare a journal entry for new entity C.is this true

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Maeve runs Sweetwater, an illegal gambling saloon in Arizona. Hector operates a medical marijuana facility in Colorado. Both businesses have gross revenues of $650,000. The businesses incur these...

BRIEF EXERCISE 9.1 Ma Company purchased a used piece of heavy equipment for $25,000. Delivery of the equipment to Ma's business site cost $750. Expenditures to recondition the equipment and prepare...

Prepare Journal entry and T- account Requirement: Prepare: Journal entry and Trial balance for Notes, October, November, and December. The Bigfork Company is a retail company that began operations on...

1: After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to: a. Bank Service Charge Expense b. Cash c. Petty Cash d. Cash Short and Over e. None of...

local private not-for-profit health care entity incurred the following transactions during the current year. Record each of these transactions in appropriate journal entry form. Prepare a schedule...

ATTENTION TUTORS PLEASE HELP ME IN ANSWERING THIS ATTACHMENT WORKSHEET I NEED IT FOR CLASS IN ACCOUNTING THANK YOU HAVE THE ANSWERS IN YELLOW PLEASE SEE ATTACHMENT Question 1 of 15 1. A small...

The scribes of ancient Egypt were the forerunners of today's accountants. a. True b. False Possible Exam 1 Questions Chapter 1: 3. The scribes of ancient Egypt were the forerunners of today's...

Please complete the attached worksheet thank you and highlight the answer in yellow see attachment Question 1 of 15 1. A small consulting company wants to make the switch to QuickBooks Online. All of...

I need some assistance with this worksheet Please and Thank you. I JUST NEED THE ANSWERS FOR THEM THANK YOU THEY ARE 5 SECTIONS WITH A TOTAL OF 15 QUESTIONS Question 1 of 15 1. A small consulting...

Bried Exercises 10-13 201. McDonald's Corporation reports total averape assets of $28.9 Life Discuss the implications this has for comparing the results of the billion and net sales of $205 billion....

Hi, I need help with this document. It is due 06/06/2017 11:59, Please help me! Project Six: Acquisition Contingencies Background In 2011, a construction materials manufacturing company (Construct)...

Net income for Hershey Foods for the third quarter is $143,600.000 or $1.09 a share. This is compared with net income of $123,100,000 or $0.89 a share for the same quarter a year ago. What was the...

A thermoelectric generator receives heat from a source at 340F and rejects the waste heat to the environment at 90F. What is the maximum thermal efficiency this thermoelectric generator can have?

Chemical Reaction Engineering. Please show the complete solution for each number for all the required. Box final answers. Use GRESA format. b. If the reactor becomes twice its original volume,...

A particle is moving in three dimensions and its position vector is given by; r(t) = (4, 4t + 2, 3t)i + (4, 5t - 2, 3)2 + (3, 3t + 3, 1t)k where r is in meters and t is in seconds. Determine the...