Which of the following correctly states the proper order of the steps in the accounting cycle?
A. Record transactions, adjust accounts, close temporary accounts, prepare statements.
B. Record transactions, adjust accounts, prepare statements, close temporary accounts.
C. Adjust accounts, prepare statements, record transactions, close temporary accounts.
D. Adjust accounts, record transactions, close temporary accounts, prepare statements.
Answer: B
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Fill in the blank(s) with the appropriate word(s).
On February 15, Jewel Company buys notes of Marcelo Corp. for $201,010. The investment is classified as long-term available-for-sale securities. This is the company's first and only investment in available-for-sale securities. The journal entry to record the purchase on February 15 is:
A. Debit Long-Term Investments-AFS $201,010; credit Cash $201,010. B. Debit Debt Investments-HTM $201,010; credit Cash $201,010. C. Debit Debt Investments-Trading $201,010; credit Cash $201,010. D. Debit Debt Investments-Trading $201,010; credit Notes Payable $201,010. E. Debit Debt Investments-AFS $201,010; credit Notes Payable $201,010.
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What will be an ideal response?
If the population standard deviation of the lifetime of washing machines is estimated to be 900 hours, how large a sample must be taken in order to be 97% confident that the margin of error will not exceed 100 hours?