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Colby is a new interviewer who just finished an interview with Renee. Her professional style and her flawless grooming immediately struck him. Colby gave Renee a very good evaluation although her previous work experience and educational background were not that exceptional. What rating error did Colby succumb to?
Journal Entry
A record in the books of accounts that documents a financial transaction, showing the debit and credit effects.
Interest Expense
Costs incurred by an entity for borrowed funds, which are typically reported on the income statement within the financing or operating sections.
Notes Payable
A written promise to pay a specified amount of money, typically with interest, by a certain date, recorded as a liability on the balance sheet.
Cash
Refers to currency or assets that can rapidly be converted to currency, used by businesses for transactions and considered a current asset on the balance sheet.
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