Based on the information given, it should be noted that a 95% confidence means we are at least 95% sure that the true value of proportion will lie in the interval.
<h3>
What does the confidence level mean?</h3>
When we repeat the sampling 100 times and draw a confidence Interval for each one of them, at least 95 confidence intervals will contain the true value of the proportion. This is what we mean by being 95% confident
Also, when we have a random sample of 5. It implies that the condition of randomness is met and they are independent as well. Since the sample size is very small, the condition of a large sample is not satisfied.
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Based on the fact that the Jackson Brothers want to create a petty cash fund, the journal entry would be:
Date Account title Debit Credit
XX-XX-XXXX Petty cash $200
Cash $200
<h3 /><h3>How is petty cash created?</h3>
In order to create the petty cash account, a cash amount needs to be debited to it to show that it is increasing in value.
The cash account would then have to be credited by the amount that the petty cash account was debited by which in this case is $200. This shows that the cash account is decreasing.
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