Examlex
Entries from the purchases journal are posted monthly to the accounts payable subsidiary ledger and daily to the general ledger.
Partnership
A legal form of business operation between two or more individuals who share management and profits.
Service-Type Businesses
Companies that offer non-tangible products or services to customers rather than physical goods.
Legal Entity
An organization or individual that has legal rights and obligations, including the ability to enter into contracts, sue, and be sued.
Corporate Form
A business structure where the company is considered a separate legal entity from its owners, providing benefits like limited liability, but often at the cost of more regulations.
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