A Coin Is Flipped Three Times

question 88

Essay

A coin is flipped three times. Draw a tree diagram illustrating all possible outcomes. How many elements are in the sample space?

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Definitions:

Sales Tax Payable

A liability account that records the amount of sales tax collected from customers, which is owed to the government.

Normal Balance

Represents the side (debit or credit) of an account that increases its value, based on the double-entry accounting system.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account.

Cash Discount Period

A specific time frame during which a buyer can pay less than the full amount due by taking advantage of a discount offered.