If main company EFG Inc. pays for courier services for holding company OPQ Inc., what are the general journal entries to show that OPQ Inc. now owes EFG Inc., courier fees?
If originally for EFG Inc.:
Dr. 5640 Courier & Postage Expense $10.24
Dr. 2315 GST Paid on Purchases 0.51
Cr. A/P - Courier Company $10.75
To record purchase made on account.
Dr. A/P - Courier Company $10.75
Cr. Bank $10.75
To record payment of account.
Then to show that OPQ Inc. owes EFG. Inc.:
Dr. Loan from Shareholder, OPQ Inc. $10.75
Cr. Retained Earnings $10.75
To record intercompany transaction.
Am I on the right track at least?