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For each of the following two separate situations,present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses or receipt of the accrued revenue.
a.Nicolas Company has 5 employees,who earn a total of $2,900 in salaries each working day.They are paid on Monday for the five-day workweek ending on the previous Friday.Assume that fiscal year ended April 30,is a Thursday and all employees worked each day and will be paid salaries for five full days on the following Monday.
b.Services of $3,000 have been performed for Clevenger Company through April 30.The client will pay the entire amount of the contract when services are completed on May 23.
c.Paid the employees' salaries on May 4.
d.Received payment from Clevenger Company for services that are now completed on May 23.
Winning Team's Percentage
A statistic that represents the proportion of times a team has won in relation to the total number of games or matches played.
Independent Variable
In an experiment or study, the variable that is manipulated or changed to observe its effect on the dependent variable.
Second-order Model
A statistical model that includes the squared terms of the predictors to account for curvature in the relationship between the independent and dependent variables.
Significance Level
A statistical measure that quantifies the probability of rejecting the null hypothesis when it is in fact true, a critical component in hypothesis testing.
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