When a Note Is Written to Settle an Open Account

question 19

True/False

When a note is written to settle an open account, no entry is necessary.

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Definitions:

Old Charters

Documents representing the earliest forms of incorporation for colonies, companies, universities, and cities, outlining their rights, privileges, and organizational structure.

State Governments

The governing bodies of each of the 50 states in the United States, responsible for local legislation and administration.

Liberia

A country in West Africa founded in the 19th century by freed slaves from the United States, with its capital at Monrovia.

American Colonization Society

An organization founded in 1816 to assist in the migration of free African Americans to Africa, eventually leading to the creation of Liberia.