Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales, and had the following transactions during August.
Aug 1 345101518232431 Sold merchandise on credit for $5,000, terms 3/10,n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20,n/30. Issued a credit memorandum for $3,000 to a customer who returned merchandise purchased July 20. The returned items had a cost of $2,010. Received payment for merchandise sold August 1. Received a credit memorandum from the seller for the return of defective merchandise purchased on August 4 for $600. Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) Paid for the merchandise purchased August 4 less the portion that was returned. Sold merchandise on credit for $7,000, terms 2/10,n/30. The items had a cost of $4,900 Received payment for merchandise sold on August 24.
Required:
Prepare the general journal entries to record these transactions.
Identify and interpret outliers and their impact on regression analysis.
Understand the fundamentals of diagnosing and addressing homoscedasticity and heteroscedasticity in data.
Learn how to visualize and interpret relationships between variables through scatter plots or regression lines.
Recognize the importance of the independence of errors and the effects of autocorrelation in regression analysis.
Definitions:
Disordered Thinking
Refers to patterns of thought that are highly irregular and could signify underlying mental health conditions, making it hard for the individual to process information logically.
Hallucinations
Perceptions in a conscious and awake state in the absence of external stimuli which have qualities of real perception, making them indistinguishable from reality.
Drug Overdose
The ingestion or application of a drug or other substance in quantities greater than are recommended or generally practiced, leading to a serious or critical health condition.
Firearms
Weapons that launch one or more projectile(s) at high velocity through the confined burning of a propellant.