Transaction Amounts Recorded in the General Journal Are Never Posted

question 102

True/False

Transaction amounts recorded in the general journal are never posted to accounts in the subsidiary ledger.

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Definitions:

Limited Partnership

A form of partnership where there is at least one general partner (who assumes unlimited liability for the debt) and one or more limited partners (whose liability is limited to the amount they have invested).

Certificate of Limited Partnership

A legal document filed with a state governmental authority that establishes the existence of a limited partnership.

General Partner

An individual in a partnership who is fully liable and actively participates in the business's management.

Partnership Agreement

A written agreement between partners in a business that outlines the terms of the partnership, including contributions, responsibilities, and how profits and losses will be shared.