Leveau, Inc. and Gillis Co. are related companies subject to consolidation. On 11/15/2X, Leveau, Inc....
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Leveau, Inc. and Gillis Co. are related companies subject to consolidation. On 11/15/2X, Leveau, Inc. bought inventory from Gillis Co. for $200,000 cash that had a cost of $30,000. Leveau, Inc. subsequently sold all that inventory to an unrelated third party during the year at a sales price of $300,000. The portion of the elimination entry at the time of consolidation to account for any required adjustment to the sales account would be:
Question 2 options:
a)
Debit to Sales of $200,000
b)
Credit to Sales of $200,000
c)
Debit to Sales of $100,000
d)
Credit to Sales of $100,000
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