On June 18,2015,Woods Co.received from one of its customers,Webb Co.,a 90 day,12%,$12,000 note receivable,in exchange for contract services provided.Woods Co.has a March 31 year end.Webb Co.honoured the note at maturity.Prepare the entries for the issuance and the maturity of the note.
Definitions:
Limited Partnerships
Business arrangements where at least one partner has unlimited liability while others have liability limited to the extent of their investments.
General Partners
Individuals in a partnership who are responsible for managing the business and are personally liable for the partnership's debts.
Limited Liability
A legal structure where a company's owners are protected from personal responsibility for the company’s debts or liabilities, beyond the amount of their investment in the company.
Voluntary Contract
An agreement entered into freely by two or more parties, where each party has the ability to accept or reject the terms of the agreement.
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