Champion Company Purchased and Installed Carpet in Its New General

question 169

Essay

Champion Company purchased and installed carpet in its new general offices on March 31 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value.
​ (a) Prepare the journal entries necessary for recording the purchase of the new carpet.
(b) Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet assuming that Champion Company uses the straight-line method.

Explain strategies to minimize Type II errors in research.

Understand the significance levels (alpha, α) and their role in hypothesis testing.

Understand the relationship between sample size and the probability of making Type I or Type II errors.

Know the common strategies used to decrease the chances of making Type I or Type II errors in hypothesis testing.