Finance the equipment through murray company

Assignment Help Accounting Basics

Reference no: EM131761462

Question 1. On November 18th, 20X2, Decker Company buys a New Holland Tractor from Murray Company. Decker Company considers getting a loan from the bank, but instead finances the equipment through Murray Company by signing a promissory note. The price of the equipment is $30,000. The terms of the note state that interest of 9% and principal will be paid in full on November 18th, 20X3. Who is the maker of the note?

Murray Company

Decker Company

the bank

New Holland Tractor Company

Question 2. Hancock Electric Company uses an accounting information system that allows the administrator to limit an employee's access within the system based on the employee's job requirements. For example, the accounts payable clerk may have access to enter invoices into the system but may not be able to print checks and reconcile the bank statement. By granting access to only the information that the employee must have to fulfill his duties, the administrator can facilitate segregation of duties. What element of an effective accounting information system does Hancock Electric Company's system possess?

flexibility

control

compatibility

a good cost/benefit relationship

Question 3. On November 18th, 20X2, Decker Company buys a New Holland Tractor from Murray Company. Decker Company considers getting a loan from the bank, but instead finances the equipment through Murray Company by signing a promissory note. The price of the equipment is $30,000. The terms of the note state that interest of 9% and principal will be paid in full on November 18th, 20X3. What is the principal amount of the note?

$2,700

$27,300

$32,700

$30,000

Question 4. On November 18th, 20X2, Decker Company buys a New Holland Tractor from Murray Company. Decker Company considers getting a loan from the bank, but instead finances the equipment through Murray Company by signing a promissory note. The price of the equipment is $30,000. The terms of the note state that interest of 9% and principal will be paid in full on November 18th, 20X3. What is the maturity value of the note?

$2,700

$27,300

$32,700

$30,000

Question 5. Spreadsheets are great tools for ________ data.

inputting

processing

analyzing

posting

Question 6. When credit sales are entered into a sales journal and posted to the general ledger, ________ updated.

cash balances are

the accounts receivable subsidiary ledger is

accounts payable are

expense accounts are

Question 7. Crime Prevention Company received payment from Bobby Rentfrow for his monthly alarm monitoring service. Instead of applying the payment to Bobby Rentfrow's account, the payment was erroneously applied to Matt Rentfrow's account. This error will cause ________.

accounts receivable to be overstated

income to be overstated

cash to be understated

the accounts receivable subsidiary ledger to be incorrect

Reference no: EM131761462

Questions Cloud

What research should be completed to assist the citizens : What research should be completed to assist the citizens, firms, or government for the country in choosing the right policies?

The internet will democratize the world : Please respond (which means thinking critically) to this statement. "The internet will democratize the world."

Persuasion or communication leadership : In need help writing a 8 pg literature review about Business ethics and persuasion or communication leadership?

Discuss what was the under applied or over applied overhead : What was the under applied or over applied overhead for the month of May. Over applied is shown as a negative number

Finance the equipment through murray company : Hancock Electric Company uses an accounting information system that allows the administrator to limit an employee's access within the system based.

Research prior to formulating a marketing : Explain why it is important for an organization to conduct the appropriate marketing research prior to formulating a marketing and/or business strategy?

What was the number of units started or transferred : units transferred out of 58,000 units. What was the number of units started or transferred in

Discuss assume the firm has no amortization expense : it faces a 40% tax rate. Assume the firm has no amortization expense. What is its net cash flow

Journalize the entry to record the payroll for the week : The payroll register for D. Salah Company for the week ended May 18 indicated the following: Journalize the entry to record the payroll for the week of May 18

User Account

All Pages