The Notes Payable ledger account of Santos Company, the 95%-owned subsidiary of Probus Corporation, is shown below for the month of October, 2006, the first month after the business combination. Santos did not accrue interest on October 31, 2006.
Prepare adjusting entries for Santos Company on October 31, 2006, the end of the fiscal year of both Probus Corporation and Santos Company.

Question

The Notes Payable ledger account of Santos Company, the 95%-owned subsidiary of Probus Corporation, is shown below for the month of October, 2006, the first month after the business combination. Santos did not accrue interest on October 31, 2006.
  Prepare adjusting entries for Santos Company on October 31, 2006, the end of the fiscal year of both Probus Corporation and Santos Company.

Quizplus · Accepted Answer

The Answer of The Notes Payable ledger account of Santos Company, the 95%-owned subsidiary of Probus Corporation, is shown below for the month of October, 2006, the first month after the business combination. Santos did not accrue interest on October 31, 2006.
  Prepare adjusting entries for Santos Company on October 31, 2006, the end of the fiscal year of both Probus Corporation and Santos Company.

The Notes Payable Ledger Account of Santos Company, the 95%-Owned