The Salaries Paid to Partners Are Shown as an Expense

question 21

True/False

The salaries paid to partners are shown as an expense on the income statement while the salary taken by a sole proprietor is debited to a drawing account.

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Definitions:

British Rule

The period of colonial domination by Great Britain over various territories across the world, characterized by economic exploitation and cultural imposition, lasting until the mid-20th century.

Benjamin Franklin

A Founding Father of the United States, renowned for his contributions as an inventor, writer, politician, and diplomat.

Stono Rebellion

A 1739 slave uprising in the colony of South Carolina, one of the largest and most violent slave insurrections in the British mainland colonies.

Native Americans

Indigenous peoples of the United States, including both the mainland and Alaska, with diverse cultures, languages, and histories.