In a Typical Sales Journal,you Would Expect to See the Following

question 45

Multiple Choice

In a typical sales journal,you would expect to see the following columns:

• A)Sales dr.
• B)Sales cr.
• C)Purchases dr.(if periodic method used).
• D)Inventory dr.(if perpetual method used).
• E)Cost of Goods Sold cr.(if perpetual method used).

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Definitions:

LLC Owners

Members who hold ownership interests in a Limited Liability Company, enjoying rights to profits and decisions in managing the company, while having limited personal liability.

LLC Taxed

Refers to the tax classification options for Limited Liability Companies, where they can choose to be taxed as a sole proprietorship, partnership, or corporation.

Operating Agreement

A legal document outlining the governance and operational protocols of a Limited Liability Company (LLC), agreed upon by its members.

Profit and Loss

A financial statement summarizing the revenues, costs, and expenses incurred during a specified period.