Match Each Journal Entry That Follows as One of the Types

question 127

Multiple Choice

Match each journal entry that follows as one of the types of journal entries (a-c) below.
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• A)Journal entries
• B)Adjusting journal entries
• C)Closing journal entries

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Definitions:

Credit

Credit refers to the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately but promises either to repay or return those resources (or other materials of equal value) at a later date.

RULLCA

The Revised Uniform Limited Liability Company Act, which provides a comprehensive legal framework for the formation, operation, and dissolution of LLCs in the jurisdictions that adopt it.

Automatic Dissolution

The process by which a legal entity, such as a company or partnership, is dissolved without the need for legal actions by its members or shareholders.

LLC

An LLC, or Limited Liability Company, offers a blend of characteristics from both corporations and partnerships/sole proprietorships, providing limited liability to its owners while allowing earnings to be taxed similarly to a partnership or sole proprietorship.