These Transactions Were Completed by the Art Gallery Opened by Zed

question 160

Multiple Choice

These transactions were completed by the art gallery opened by Zed Bennett.
A.Bennett started the gallery,Artery,by investing $40,000 cash and equipment valued at $18,000 in exchange for common stock.
B.Purchased $70 of office supplies on credit.
C.Paid $1,200 cash for the receptionist's salary.
D.Sold a painting for an artist and collected a $4,500 cash commission on the sale.
E.Completed an art appraisal and billed the client $200.
What was the balance of the cash account after these transactions were posted?

• A) $12,230
• B) $12,430
• C) $43,300
• D) $43,430
• E) $61,430

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Definitions:

Selection Bias

A statistical bias that occurs when the sample is not representative of the population being studied, leading to skewed and possibly inaccurate outcomes.

Survivor Bias

Survivor bias exists when a sample includes only observations that have remained in the sample over time making that sample unrepresentative of the broader population.

Selection Bias

A systematic error made in choosing individuals or groups to participate in a study, leading to non-random sampling.

Economic Research

The systematic study of the economy or economic phenomena, involving the collection and analysis of data to enhance understanding of economic processes.