In the establishment of a limited partnership, the partners fulfilled their commitments in cash, promissory notes, fixtures and machinery. Accordingly, which of the following statements is false? A) 121- Notes Receivable account is debited. B) 501- Unpaid Capital account is debited C) 255- Fixtures Account is debited. D) 253- Facility Machinery Devices account is debited. E) 100- Cash account is debited.
In the establishment of a limited partnership, the partners fulfilled their commitments in cash, promissory notes, fixtures and machinery. Accordingly, which of the following statements is false? A) 121- Notes Receivable account is debited. B) 501- Unpaid Capital account is debited C) 255- Fixtures Account is debited. D) 253- Facility Machinery Devices account is debited. E) 100- Cash account is debited.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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5 - In the establishment of a limited partnership, the partners fulfilled their commitments in cash, promissory notes, fixtures and machinery. Accordingly, which of the following statements is false?
A) 121- Notes Receivable account is debited.
B) 501- Unpaid Capital account is debited
C) 255- Fixtures Account is debited.
D) 253- Facility Machinery Devices account is debited.
E) 100- Cash account is debited.
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