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Use the information above to answer the following question.The journal entry to record this transaction would include the receipt of cash on November 1 a credit to:
Law of Small Numbers
A cognitive bias that leads people to infer or generalize outcomes from a small sample size, mistakenly treating it as representative of a larger population.
Double-Standard Thinking
The application of different sets of principles for similar situations, often leading to unfair or biased judgments.
Prototype
An early sample, model, or release of a product or concept used to test a process or act as a thing to be replicated or learned from.
Ingroup Differentiation Bias
A bias where individuals perceive greater variation and uniqueness among members of their own group (ingroup) compared to those in an outgroup.
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