Question
Dissolving a subsidiary and parent account balance sheet negative balance
I need to dissolve both, subsidiary account and parent account.
First, the bank accounts were open until January 2019? but business closed 2018. Do I need to wait EOY 2019, to zero out balance sheet?
Second, once that is clear, where do I start.
Third, what journal entries need to be made in QB to zero out balance sheet considering the fact that the balance is currently negative, including cash account. Also, debts were forgiven, including rent, equipment was given as payment to landlord, no assets left.
Let me know if you need any additional information.
