After researching the different forms of business organization. Crane Koebel decides to operate "Cookie Creations" as a proprietorship. She then starts the process of getting the business running. In November 2021, the following activities take place. Nov. 8 Crane cashes her U.S. Savings Bonds and receives $510, which she deposits in her personal bank account. 8 11 13 14 16 17 20 2 2 8 25 30 She opens a bank account under the name "Cookie Creations" and transfers $490 from her personal account to the new account. Crane pays $65 for advertising. She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. (Hint: Use Supplies account.) Crane starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $740. Crane decides to start using it only in her new business. She estimates that the equipment is currently worth $290. She invests the equipment in the business. Crane realizes that her initial cash investment is not enough. Her grandmother lends her $2,000 cash, for which Crane signs a note payable in the name of the business. Crane deposits the money in the business bank account. (Hint: The note does not have to be repaid for 24 months. As a result, the note payable should be reported in the accounts as the last liability and also on the balance sheet as the last liability.) She buys more baking equipment for $880 cash. She teaches her first class and collects $125 cash. Crane books a second class for December 4 for $150. She receives $30 cash in advance as a down payment. Crane pays $1,290 for a one-year insurance policy that will expire on December 1, 2022.