Business, 27.02.2020 01:54 BeautyxQueen

1. A parent provides consulting services to its wholly-owned subsidiary during the year. The parent charged the subsidiary $600,000 for the services. The parent's cost of providing the services is $520,000. The companies use service revenue and service expense, as appropriate, to record this transaction on their own books. The consolidation eliminating entry or entries related to the intercompany services include an adjustment to the subsidiary's accounts as follows: A. a credit to service revenue, $600,000. B. a debit to service expense, $520,000. C. a credit to service expense, $600,000. D. a debit to service revenue, $520,000.

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1. A parent provides consulting services to its wholly-owned subsidiary during the year. The parent...

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