After researching the different forms of business organization, Natalie Kobel decides to operate "Cookie Creations" as a proprietorship. She then starts the process of getting the business running. In November 2016, the following activities took lace.

Nov 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.

8 She opens a bank account under the name "Cookie Creations" and transfers $500 from her personal account to the new account.

11 Natalie pays $65 for advertising

13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. (Hint: Use Supplies account.)

14 Natalie 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 orginally cost her $750. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $300. She invests the equipment in the business.

16 Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $2,000 cash, for which Natalie signs a note payable in the name of the business. Natalie 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.)

17 She buys more baking equipment for $900 cash.

20 She teaches her first class and collects $125 cash.

25 Natalie books a second class for December 4 for $150. She receives $30 in advance as a downpayment.

30 Natalie pays $1,320 for a one-year insurance policy that will expire on December 1, 2017

instructions

1. Prepare journal entries to record the November transactions.
2. Post the journal entries to general ledger accounts.
3. Prepare a trial balance at November 30.
4. Prepare an Income Statement.
5. Prepare a Owner's Equity Statement.
6. Prepare a Balance Sheet.

b) d) Prepare an Income Statement COOKIE CREATION Income Statement Date??? (e) Prepare a Owner's Equity Statement COOKIE CREATION Owner's Equity Statem Date??? (f) Prepare a Balance Sheet After researching the different forms of business organization, Natalie Koebel decides to operate "Cookie Creations" as roprietorship. She then starts the process of getting the business running. In November 2016, the following activities took lace. Nov 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name "Cookie Creations" and transfers $500 from her personal account to the new account. 11 Natalie pays $65 for advertising. 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. (Hint: Use Supllies account.) 14 Natalie 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 orginally cost her $750. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $300. She invests the equipment in the business. 16. Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $2,000cash, for which Natalie signs a note payable in the name of the business. Natalie 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.) 17 She buys more baking equipment for $900 cash. 20 She teaches her first class and collects $125 cash. 25 Natalie books a second class for December 4 for $150. She receives $30 in advance as a downpayment. 30 Natalie pays $1,320 for a one-year insurance policy that will expire on December 1,2017. Instructions (a) Prepare journal entries to record the November transactions, Value 36pts. (b) Post the journal entries to general ledger accounts. Value 58pts. (c) Prepare a trial balance at November 30 . Value 15pts. (d) Prepare an Income Statement. Value 10 pts. (e) Prepare a Owner's Equity Statement. Value 10 pts. (f) Prepare a Balance Sheet. Value 20 pts. Unearned Service Revenue Date Explanation Ref. Debit Credit Balance Ref. \begin{tabular}{|l|l|} \hline Value & Value \\ \hline \end{tabular} Notes Payable Date Explanation Ref Debit Credit Balance Ref. Value Value Owner's Capital Date Explanation Ref Debit Credit Balance Ref. \begin{tabular}{|l|l|} \hline Value & ? \\ \hline Value & ? \\ \hline \end{tabular} Service Revenue Date Explanation \begin{tabular}{|l|l|l|} \hline Ref Debit & Credit & Balance \\ \hline Ref. & Value & Value \\ \hline \end{tabular} Advertising Expense Date//Explanation Ref Debit Credit Balance Ref Value Value