Use the Information Above to Answer the Following Question

question 111

Multiple Choice

Use the information above to answer the following question.What is the journal entry to be recorded by E.Flynn Company on November 15?

• A)Option A
• B)Option B
• C)Option C
• D)Option D

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Definitions:

Limited Partnership

A business arrangement with at least one general partner managing the business and responsible for its debts, and one or more limited partners whose liability is restricted to their investment.

Transferable Interest

An interest in an entity, such as a partnership, that can be transferred or sold from one party to another.

Members

Individuals or entities that are part of a group or organization, such as a corporation, partnership, or any association who may have certain rights, duties, and obligations within the organization.

LLC

A limited liability company, which is a business structure in the US that offers its owners (members) protection from personal liability for its debts and obligations.