Question:
I have been asked to convert that into equity - We have given them stock - what entry do I make?
Answer:
Hmm...sounds like you're being snookered or you're missing some info.
The receivable is a debit balance. Stock is a credit balance. You'd have two credits, but no debit. That won't work.
If anything, they should give you stock. Then you would debit investments for the stock and credit the receivable.
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