At december 31, 2018, monty corp. company had a credit balance of $19,700 in allowance for doubtful accounts. during 2019, monty corp. wrote off accounts totaling $11,800. one of those accounts ($2,100) was later collected. at december 31, 2019, an aging schedule indicated that the balance in allowance for doubtful accounts should be $25,200.
prepare journal entries to record the 2017 transactions of finzelberg company.

Which of the following statements is correct? a major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the partners rather than by the firm itself. in a typical partnership, liability for other partners’ misdeeds is limited to the amount of a particular partner’s investment in the business. true in a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm’s debts in the event of bankruptcy. partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity of partnership interests.