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Discussion Question:

Many students talk in their Autobiography about wanting to someday start a small business. Use the course text to gather information and understand how to answer this question. Assume that you are starting the business of your choice as a corporation with 3 friends as equal shareholders.

• Tell us the type of business.
• Describe for your shareholders the double entry accounting system your business will use and how the rules of debits and credits apply.
• Create 4 sample journal entries of your own that you think would be the most likely ones in the first month of the business get started. You can make up the amounts.

Answer rating: 100% (QA)

The type of business would be Limited Liability Company LLC which is a type of Corporation which has certain characteristics of both a corporation and ... View the full answer