Each part of the comprehensive problem is based on Big Marker (www.bigmarker.com). Consider the narrative in Part 1 as necessary in responding to the following questions on business processes.

Consider the following transactions from Big Marker’s accounting information system. 

a. Accrued one month’s interest on an existing note payable, $300.

b. Billed 30 communities for monthly dues of $600.

c. Borrowed $10,000 from First National Bank with a 6-month, 4% note payable.

d. Created a Chief Financial Officer position and established a support team for that function. The CFO’s annual salary will be $150,000; each support team member will earn $60,000 annually.

e. Depreciated computer servers, $8,000.

f. Hired a new employee for the Development Team. The new employee’s salary will be $45,000 annually.

g. Paid six months’ rent in advance, $12,000.

h. Purchased new computer servers from Dell, $40,000.

i. Reimbursed employees for business expenses: Supplies, $500. Travel, $1,500.

j. Took an inventory of supplies on hand which revealed $450 supplies used.