Senger Company sold merchandise of $15,500, terms 2/10, n/30, to Burris Inc. on April 23. Burris paid Senger for the merchandise on May 2. On
May 12, Senger paid Burris $650 for costs incurred by Burris to repair
defective merchandise. (a) Journalize the entry by Senger Company to record
the customer refund to Burris Inc. (b) Assume that instead of paying Burris
cash, Senger issued a credit memo to Burris to be used against Burris's
outstanding account receivable balance. Journalize the entry by Senger
Company to record the issuance of the credit memo.

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.