Transferring Assets & Liabilities with Journal Entry ONLY
We have one company that is dissolving and another company that is taking over. I need to transfer the assets and liabilities from the old company to the new companies. The liability account is a loan to the owner (who owns both companies) and the assets are a group of "bad debt" books of business bought by the old company and will be assumed by the new company. Any ideas on how to make these Journal Entries? No cash has been involved during this transfer.