Answer:
When you form an LLC, you establish a new business entity that's legally separate from its owners. This separation provides what is called limited liability protection. As a general rule, if the LLC can't pay its debts, the LLC's creditors can go after the LLC's bank account and other assets.Sep 4, 2020
Answer:
Assets = Liabilities + Equity
cash (18,000) NA Retained earnigns (18,000)
cash (88,000) NA Retained earnigns (88,000)
Retained earnings is an equity account and any cash dividends paid either to preferred or common stock will decrease cash and retained earnings, remember that both sides must balance.
<span>The journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid and added to the invoice is : </span>debit Purchases $2,750, debit Freight In $125; credit Accounts Payable $2,875
Answer:
Option D. None of the other options fit.