BUS 110. BUSINESS LAW

Being a part-time student means your school is going much slower than it would normally be. I started BMCC (Community college) back in 2012 and finally graduating in summer of 2016. In 2012 CUNY didn't have Pathways system that helps to transfer to a senior college without any problems with a curriculum. By the old non-pathways program I'm required to take BUS 110 Business Law class. Honestly, I didn't know what to expect from this class but I can assure you now BUS 110 is the most useful class from all I've taken so far. The course teaches your basics of the legal system, step by step process of litigation (both criminal and civil), alternative dispute resolutions, torts, contracts and more. The course is great but VERY tough too. There're a lot of definitions you have to remember. If you ever take the course, be prepared to make flashcards for every chapter. I had somewhat strict professor. Not to say anything bad about Professor Berg but he expected us to study too much. The class was interesting, though.

The course book Dynamic Business Law, in my opinion, is very detailed for non-lawers. (My major is Business Administration). I know that there's another version of the book exist called Dynamic business law essentials, but for some reasons, BMCC decided on the regular book. Overall, I enjoyed the class a lot (apart from studying). I just feel so smart now:) I can't stop telling people about the US legal system. "Did you know you most likely will not be able to sue your credit card company if something happens?" Why? Because at the time you got that AMEX card you opt into ADR (Alternative Dispute Resolution process) such as arbitration.

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Ch. 2

The Eldorado Corporation's controller prepares adjusting entries only at the end of the fiscal year. The following adjusting entries were prepared on December 31, 2016: Debit Credit Interest expense 7,200 Interest payable 7,200 Rent expense 35,000 Prepaid rent 35,000 Interest receivable 500 Interest revenue 500 Additional information: 1. The company borrowed $120,000 on March 31, 2016. Principal and interest are due on March 31, 2017. This note is the company’s only interest-bearing debt. 2. Rent for the year on the company’s office space is $60,000. The rent is...

Ch. 2

The following transactions occurred during the year ended December 31, 2016, for the Microchip Company. 1. On October 1, 2016, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2017. 2. On November 1, 2016, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2016, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $12,000 represents one year’s rent and the entire amount was credited to rent revenue. 4. Depreciation on office equipment is $4,500 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. The company records vacation pay as salaries expense. 6. Microchip began the year with $2,000 in its asset account, supplies. During the year, $6,500 in supplies were purchased and debited t...

Intermediate Accounting Chapter 1

Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, and Roy. Year 1 Year 2 Amounts billed to customers for services rendered $ 170,000 $ 220,000 Cash collected from customers 160,000 190,000 Cash disbursements: Salaries paid to employees for services rendered during the year 90,000 100,000 Utilities 30,000 40,000 Purchase of insurance policy 60,000 0 In addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.

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