Answer:
Nov 1 Cash $2,300,000 Dr
Notes Payable $2300,000 Cr
Dec 31 Interest Expense $34,500 Dr
Interest Payable $34,500 Cr
Explanation:
The interest is payable at maturity that is at the start of May as the nite is for six months. However, at the end of the period the adjusting entry will be made. On 31 December the 2 months interest is accrued. The expense relates to this period so will be recorded as an expense and as a payable.
The 9% is the annual rate.
the annual Interets is 2300000*0.09 = 207000
So, the 2 month interest will be = 207000 * 2/12 = 34500
Answer:
B) In the beginning, it's doubtful that Ariana will realize ease of entry, security, and good profits. She needs to make plans in the event that one or more of these does not materialize quickly.
Explanation:
It is very hard for small businesses to immediately gain a significant market share, have a lot of clients and make a lot of money. Not even huge corporations (almost all corporations started as small businesses) were that lucky. It took Amazon 14 years to make a profit, 3 years to Google, etc.
Ariana should be prepared to not fulfill her expectations completely at least not in the short term. If she works hard enough and is good at shooting pictures, then hopefully she will start having more customers in a few months and maybe even making some money in a year or two.
If we search for information available about small businesses, we can learn that 20% go bankrupt within one year and 50% within five years.
The positive side is that if she can make it, she will probably be much better off than if she worked for someone else.
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