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On August 1,Droid Co.borrowed $80,000 from Simpli Financial.The loan had an interest rate of 7% and was due in 60 days.Prepare the journal entry for Droid Co.to record the note.
Limited Partnership
A partnership comprised of one or more general partners who manage the business and are personally liable, and one or more limited partners who are liable only to the extent of their investments.
Limited Partners
Investors in a partnership who are not involved in daily business operations and whose liability is limited to the amount of their investment.
General Partners
Individuals or entities that participate in the management of a partnership and have unlimited liability for its debts.
Daily Management
The continuous process of planning, monitoring, controlling, and adjusting day-to-day business operations and activities.
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