When the NewWay Dry Cleaners and the Easy Laundromat in Your

question 62

True/False

When the NewWay Dry Cleaners and The Easy Laundromat in your hometown join forces to follow a new marketing opportunity,they are forming a horizontal marketing system.

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Definitions:

Accounts Payable

Accounts Payable is a liability account on a company's balance sheet representing money owed to suppliers or creditors for goods and services received but not yet paid for.

Trial Balance

A bookkeeping report that lists the balances of all ledgers accounts to check that debits equal credits in the double-entry accounting system.

Debits

Debits refer to an accounting entry that results in either an increase in assets or expenses or a decrease in liabilities or equity on a company's balance sheet.

Ledger

A Ledger is a book or collection of accounts in which account transactions are recorded, classified, and summarized.