During a Study Session a Classmate States That It Is

question 146

Essay

During a study session a classmate states that it is not necessary to make journal entries and then post them to the ledger. She states that it is sufficient to analyze the transaction and simply record the information in T-accounts.
What is your response to this statement? Be brief yet concise.

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Definitions:

Rainy Days

Days on which a significant amount of precipitation falls, typically resulting from cloud formations.

Random Variable

A variable whose possible values are numerical outcomes of a stochastic process or a random experiment.

Independent

Refers to variables in a statistical model that are not influenced or controlled by any other variable within the model.

Standard Deviations

The statistical metric that quantifies the dispersion or spread in a dataset relative to its mean, used to understand how spread out data points are from the average value.