A Company Received $5,000 for 100 One-Year Subscriptions on July

question 7

Multiple Choice

A company received $5,000 for 100 one-year subscriptions on July 1.The journal entry to record this cash receipt would include a ________.The company uses a liability account for revenue received in advance.

• A) credit to Accounts Payable for $5,000
• B) debit to Prepaid Expenses for $5,000
• C) credit to Unearned Revenue for $5,000
• D) debit to Note Payable for $5,000

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Definitions:

Power of the Test

The probability that a statistical test will reject a false null hypothesis, indicating the test's ability to detect an effect if there is one.

Unemployment Rate

The percentage of job-seekers within the labor force who do not currently have employment.

Random Sample

A subset of individuals chosen from a larger set, where each individual has an equal probability of being chosen.

Statistics Canada

The national statistical office of Canada, responsible for producing statistics to help understand Canada's population, resources, economy, society, and culture.