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Which adjusting entries must be made

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Problem 1: On December 30, a company advances $10,000 to its wholly-owned subsidiary. However, as of December 31, the subsidiary has not received (nor recorded) the advance. On the consolidating workpaper, which of the following adjusting entries must be made?

a. Debit Advances from Parent, credit Cash.
b. Debit Cash, credit Advances from Parent.
c. Debit Advances to Subsidiary, credit Advances from Parent.
d. Debit Advances to Subsidiary, credit Cash.

Reference no: EM132690910

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