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Described Below Are Several Transactions That an Organization Like the Hummingbird

question 63

Essay

Described below are several transactions that an organization like the Hummingbird Co.might record.Several accounts from the organization's financial statements also are listed below.Using these account titles,record each transaction in proper journal entry format in the general journal provided.A written explanation for each journal entry is not required.
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$\begin{array} { l l } \text { Accounts: } \\\text { Cash } & \text { Common Stock } \\\text { Accounts Receivable } & \text { Sales Revenue } \\\text { Musical Instruments } & \text { Selling Expenses } \\& \text { General \& Administrative Salaries } \\\text { Accounts Payable } & \text { Expense }\\\text { Deposits Received in Advance }\end{array}$ ?
A) Customers are mailed bills for tickets, $\$ 225,000$ .
B) Customers pay for tickets in advance, $\$ 130,000$ .
C) Administrative employees are paid their monthly sal aries, $\$ 14,000$ .
D) An invoice is received for new musical instruments purchased, $\$ 15,200$ ; payment is due in 30 days.
E) Payments received from customers for amounts billed in a previous transaction amount to $\$ 135,000$ .
F) Payment is made for the instruments invoice received in a previous transaction. ?
$Described below are several transactions that an organization like the Hummingbird Co.might record.Several accounts from the organization's financial statements also are listed below.Using these account titles,record each transaction in proper journal entry format in the general journal provided.A written explanation for each journal entry is not required. ? \begin{array} { l l } \text { Accounts: } \\ \text { Cash } & \text { Common Stock } \\ \text { Accounts Receivable } & \text { Sales Revenue } \\ \text { Musical Instruments } & \text { Selling Expenses } \\ & \text { General \& Administrative Salaries } \\ \text { Accounts Payable } & \text { Expense }\\ \text { Deposits Received in Advance } \end{array} ? A) Customers are mailed bills for tickets, \$ 225,000 . B) Customers pay for tickets in advance, \$ 130,000 . C) Administrative employees are paid their monthly sal aries, \$ 14,000 . D) An invoice is received for new musical instruments purchased, \$ 15,200 ; payment is due in 30 days. E) Payments received from customers for amounts billed in a previous transaction amount to \$ 135,000 . F) Payment is made for the instruments invoice received in a previous transaction. ?$

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Definitions:

Confidence Level

The probability that a population parameter will fall between a set of values for a certain proportion of times.

Confidence Interval

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter with a specified level of confidence.

Confidence Interval

A variety of values, sourced from sample statistics, with a high likelihood of containing an undetermined population parameter's value.

Sample Size

The number of observations or elements selected from a population to be analyzed.