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Journalize the following transactions for Mercado Company for June 2014, the company's first month of operations. You may omit explanations for the transactions.
1. Purchased equipment on account for $6,000.
2. Billed customers $5,000 for services performed.
3. Made payment of $1,500 on account for equipment purchased earlier in month.
4. Collected $2,400 on customer accounts.
Standard Deviation
An indicator of the extent of variability or spread within a collection of numbers, illustrating the degree to which these numbers diverge from one another in a dataset.
Normal Curve
A bell-shaped curve that represents the distribution of a set of data that is symmetrically distributed around the mean.
Binomial Random Variable
A random variable that follows a binomial distribution, representing the number of successes in a fixed number of binary experiments.
Standard Error
A statistic that measures the accuracy with which a sample distribution represents a population by using standard deviation and sample size.
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