Weegy: Interest allowance is based on a percentage of initial investment by the partners. User: The sale of assets to liquidate a partnership is called (More)

Weegy: The partnership dissolves when a partner leaves. This characteristic is called limited life. (More)

Weegy: Mary and Jeff entered into a partnership agreement. However, the agreement didn't state how income and losses would be divided. [ The law states that income will be divided equally. ] User: The actions of one partner are binding on all of the other partners. This characteristic is called Weegy: The actions of one partner are binding on all of the other partners. This characteristic is called Mutual Agency. (More)

Weegy: The accounting procedures for sole proprietorships are the same as for partnerships except: for the revenue section. User: A statement of partner's equity is the same as a statement of owner's equity except that (More)

Weegy: The first entry to liquidate a partnership would probably include A debit to Cash, a debit or credit to Loss or Gain from Realization, and a credit to Individual Assets Sold. User: The actions of one partner are binding on all of the other partners. This characteristic is called Weegy: The actions of one partner are binding on all of the other partners. This characteristic is called Mutual Agency. (More)