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This company was sold as a stock sale. Should the entry for the sale put the gain in the Owner Distributions account? The owner will
This company was sold as a stock sale. Should the entry for the sale put the gain in the Owner Distributions account? The owner will close out his checking account and that amount will hit the owner distributions account. What entry would be needed to close out the Owner Distributions account so that it does not carry forward into the new owner's company?
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