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Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred.
Oct. 15 Sold $30,000 of accounts receivable to Fast Factors, Inc. who assesses a 3% finance charge.
25 Made sales of $900 on Visa credit cards. The credit card service charge is 2%.
Instructions
Journalize the transactions.
Sample Mean
The average value obtained from a sample, a subset of a larger population.
Population Mean
The average of a set of values in the entire population.
Margin of Error
An expression of the extent to which a sample statistic may differ from the true population parameter; it quantifies uncertainty in estimation.
Z Value
A measure in statistics that represents the number of standard deviations a data point is from the mean.
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