Proprietorship
- also known as a sole proprietorship
- business owned by one person
- easiest to get started
- owner recieves all profits
- unlimited liability
- 8 column journal
Partnership
- a business where two or more people put their assests and skills together
- share responsibilities and profits
- limited liability
- 11 column journal
5 comments:
Where is todays summary of Chapter 11? Good layout.
chantell i would want to know your business if u have one are you running it correctly. When you started to take classes of accounting was it hard for you the calculation, to balance each column correctly?
wad up girlfriend????
hey ??!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Today you will begin to post Purchases and Sales transactions to the general ledger and Subsidiary ledgers. This process is nothing new. Proving the journal, proving cash..........You have done it all before. The new task will be to create a Schedule of Accounts Payable and Receivable. Let me know if you have questions.
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