Indicate How Each of the Following Would Be Reflected in the Journal

question 19

Essay

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

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Definitions:

Central Tendency

A quantitative indicator that selects a unique value to symbolize the full range of data, typically using the mean, median, or mode.

Data

Raw facts and figures that require processing to generate meaningful information or insights.

Median

The value that divides a set of numerical data into two equal halves, with half of the data points being above it and half below.

Mean

The average of a set of numbers, found by dividing the sum of all the values by the number of values.