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How should an LLC account for personal items paid for by the business?
To maximize an annual cash back award from the credit card company, I occasionally use a business credit card for my single member LLC to pay for personal items along with business expenses.
When entering the credit card payment in Quickbooks I'm not able to list Owners Draw (an equity account) as the off-setting account to the portion of the cash payment that's not for business expenses. What accounting entries should I enter for this transaction? |
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