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Roller Blade Company uses the perpetual inventory system and had the following transactions during October:
Prepare journal entries to record each of the preceding transactions.
Heuristics
Cognitive shortcuts or rules of thumb that simplify decision making.
Mental Set
A tendency to approach situations in a certain way because that method has worked in the past, potentially limiting problem-solving abilities.
Accuracy
The degree to which a measurement or calculation reflects the true value or correct result.
Precision
The accuracy and specificity with which an action is performed or a measurement is taken.
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