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Journalize the following transactions for Bill Co. using the perpetual inventory system.
June 8 Bill Co. sold $6,900 of merchandise, costing $5,150 on account to Joan, terms
3/10, n/30 FOB Destination.
June 12 Bill Co. pays $500 of shipping costs.
Conditional Probabilities
The likelihood of an event occurring given that another event has already occurred, used to calculate probabilities in complex situations.
Prior Probabilities
The probabilities assigned to events or hypotheses before any relevant evidence is taken into account, in the context of Bayesian statistics.
Posterior Probabilities
The probabilities updated in light of new evidence, reflecting the likelihood of events after taking into account the known data.
Prior Probabilities
The probabilities of events based on prior knowledge before any new evidence is considered.
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