1. Under the laws of some states, all partners may limit their liability for the debts of the partnership.

True / False

2. Purchases returns and allowances are recorded in the

a.merchandise journal.

b.general journal.

c.accounts payable journal.

d.purchases journal.

3. Aging the receivables is often referred to as the percentage of sales method.

True

False

4. It is desirable that a partnership agreement be evidenced by a written contract.

True

False