The Journal Entry to Record a Note Received from a Customer

question 61

Multiple Choice

The journal entry to record a note received from a customer to apply on account is:

• A)debit Note Receivable and credit Service Revenue.
• B)debit Service Revenue and credit Note Receivable.
• C)debit Note Payable and credit Note Receivable.
• D)debit Note Receivable and credit Accounts Receivable.

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Definitions:

Row Variable

In the context of a data table or matrix, it refers to the variable represented by the rows, often used in cross-tabulation to compare against another variable.

Column Variable

A variable represented by a column in a dataset, where each entry in the column represents a value of the variable.

Degrees of Freedom

In statistics, it refers to the number of independent values or quantities which can be assigned to a statistical distribution, less the number of parameters estimated.

Chi-Square

A statistical test used to assess the differences between categorically grouped data by comparing the observed frequencies of groups with expected frequencies derived from a hypothesis.