BNL Completed a Performance and Collected Revenue of $8,000 Not $$\begin{array} { | c | c | } \hline \text { Accounts Receivable } & 8,000 \\\hline \text { Performance Fees } & 8,000\\\hline\end{array}$$

question 125

Multiple Choice

BNL completed a performance and collected revenue of $8,000 not previously billed or recorded.The journal entry to record the collection would be:

• A) \[\begin{array} { | c | c | }
• \hline \text { Accounts Receivable } & 8,000 \\
• \hline \text { Performance Fees } & 8,000\\
• \hline
• \end{array}\]
• B) \(\begin{array}{|l|l|}
• \hline\text { Cash } & 8,000 \\
• \hline \text { Performance Fees } &8,000 \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|l|l|}
• \hline\text { Accounts Receivable} & 8,000 \\
• \hline \text { Cash } &8,000 \\
• \hline
• \end{array}\)
• D) \(\begin{array}{|l|lcc|}
• \hline \text { Performance Fees } &8,000 \\
• \hline\text {Cash } &8,000\\
• \hline
• \end{array}\)

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Definitions:

Stepwise Regression

A method of regression analysis that involves automatic selection of independent variables to use in a model based on certain criteria.

Backward Elimination

A stepwise regression technique where all predictors are included in the model initially, and then the least significant predictor is removed step-by-step until the best model is identified.

Forward Selection

A stepwise approach in model selection where variables are added one by one based on their statistical significance.

Best-subsets Regression

A statistical method that involves analyzing all possible combinations of variables to identify the model that best fits the data.