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15. Amit is the owner of a successful basketball club. A few years after he bought the club he became interested in football and
15. Amit is the owner of a successful basketball club. A few years after he bought the club he became interested in football and sold all his stocks in the basketball club to a well-known businessman for the amount of $12,000,000. Which of the following sentences is correct related to club sale transaction in the basketball club's bookkeeping system: a. The journal entry to record the sale of the stocks will include a debit to cash for $12,000,000 b. The journal entry to record the sale of the stocks will include a debit to common stock for $12,000,000 c. The journal entry to record the sale of the stocks will include a credit to cash for $12,000,000 d. There is no journal entry e. Answers b and c are correct
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