For Each of the Following Accounts Indicate (A) the Type

question 160

Essay

For each of the following accounts indicate (a) the type of account (Asset Liability Owner's Equity Revenue Expense) (b) the debit and credit effects and (c) the normal account balance. $\begin{array}{ll} \text {0. Cash } & \text {a. Asset account } \\& \text { b. Debit increases, credit decreases } \\& \text { c. Normal balance - debit } \\\end{array}$

$\begin{array}{llcc}&\text { Accounts }\\\hline \text { 1. Accounts Payable } && \text { 5. Service Revenue } \\ \text { 2. Accounts Receivable } && \text { 6. Insurance Expense } \\ \text { 3. Owner's Capital } & & \text { 7. Notes Payable} \\ \text {4. Owner's Drawings } && \text { 8. Equipment } \\\end{array}$

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Definitions:

SST

Abbreviation for "Total Sum of Squares," which measures the total variance in a dataset.

SSE

Total of the squared differences between the actual data and the estimated values from a model, illustrating model accuracy.

Coefficient Of Determination

A statistical measure represented as R², which indicates the proportion of the variance in the dependent variable that is predictable from the independent variable(s).

Least Squares Regression Line

The least squares regression line is a straight line that minimizes the sum of the squared differences between the observed values and the values predicted by the line.