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Consider the following facts: - Company Z has the following two securities in its trading portfolio at the end of the year: 1. Common Stock
Consider the following facts: - Company Z has the following two securities in its trading portfolio at the end of the year: 1. Common Stock A: Cost = $10,000 Market Value = $12,000 2. Common Stock B: Cost = $9,000 Market Value = $5,000 - Company Z sells Stock B for $10,000. When Company Z records the sale of Stock B, the journal entry will include:
A debit to Accounts Receivable for $10,000
A credit to Sales Revenue for $10,000
None of these answers are correct
A credit to Stock Investments of $9,000
A debit to Stock Investments for $9,000
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