Supermeg Dry Cleaners Had the Following Payroll Data for Its

question 58

Multiple Choice

Supermeg Dry Cleaners had the following payroll data for its May 14 pay date: When the firm remits its health insurance premium for this pay date, what is the General Journal entry?

• A) Debit Cash $13,618.71; Credit Health Insurance Payable $13,618.71
• B) Debit Cash $27,237.42; Credit Health Insurance Payable $27,237.42
• C) Debit Health Insurance Payable $13,618.71; Credit Cash $13,618.71
• D) Debit Health Insurance Payable $27,237.42; Credit Cash $27,237.42

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Definitions:

Coefficient Of Determination

A statistical measure that determines the proportion of the variance in the dependent variable that is predictable from the independent variable(s).

SSE

The aggregate of error squares, being the difference between model estimates and observed data, showing how well a model fits.

Least Squares Method

The method used to develop the estimated regression equation. It minimizes the sum of squared residuals (the deviations between the observed values of the dependent variable, yi, and the predicted values of the dependent variable, ŷi).