The Following Transactions Have Been Journalized and Posted to the Proper

question 84

Essay

The following transactions have been journalized and posted to the proper accounts.
1)Mark Call invested $7,000 cash in his new design services business.
2)The business paid the first month's rent with $700 cash.
3)The business purchased equipment by paying $2,000 down and executing a note payable for $4,500.
4)The business purchased supplies for $850 cash.
5)The business billed its clients a total of $4,000 for design services rendered.
6)The business collected $3,000 on account from one of its clients.
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How much was net income?
A) $700
B) $300
C) $3,300
D) $2,450

• A) $700
• B) $300
• C) $3,300
• D) $2,450

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Definitions:

Population Proportion

The fraction or percentage of a population that possesses a certain property or characteristic.

Control Chart

A statistical tool used in quality control processes to monitor, control, and ascertain the stability of a process.

Defective Candy Bars

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The total number of instances or replications incorporated in a statistical sampling.