Elimination journal entries created during the process of preparing consolidated financial statements are found on:

Question

Quizplus · Accepted Answer

Elimination journal entries are made when preparing consolidated financial statements to remove any intercompany transactions and balances between the parent and subsidiary. These entries are recorded on a worksheet used in the consolidation process, which is not part of the books of the parent, subsidiary, or consolidated entity. Therefore, the correct answer is D.

Elimination Journal Entries Created During the Process of Preparing Consolidated