After researching the different forrs of business organization. Sheftield Koebel decides to operate "Cookic Creations" as a proprietorship. She then starts the process of getting the business runnirig In Novernber 2021, the following activities take place Nov 8 Shefficld cashes her US. Sivings Bonds and receives $620, which she deposits in her personal bark account. 8 She opens a bank account under the name "Cookie Creations" and transfers $600 from ber personal account to the new account. 11. Sheffeld pays $80 for advertisint? 13 She barys baking supplies, such as foor, sugar, butter, and chocolate chipsi for $150 cash. (Hint Use Supplies account.) 14 Sheffield starts to gather some taking equipment to take with her when teaching the cookie classes, She has an excellent top of the-line food processor and mber that originally cost ber $900, Shetfeld decides to start using it only in her new business. She estimates that the equipment is currently worth 3360 . She irwests the equipment in the business. 16 Sheifield realizes that her initial cash imvestment is bot enough. Her grandmother lends her $2.400 cach, for which Sheffield signs a note payable in the name of the business. Sheffield 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 payableshould 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 $1:000 cash. 20 She teachesher first class and collecis $150 cash. 25 Sheffeld books a second class for December 4 for $180. She receives $40 cash in advance as a down payment: 30 Sheffield pays $1,580 for a one year insurance policy that will expire on December 1,2022. 2. Your answeris partially correct. Prepare joumal entries to record the November transactions. (Lst all debit entries before credit entries, Credit account titles are automatically indented when amount is entered. Do not indent maryally. If no entry is required, select "No Entry" for the oceount titles and enter O for the amounts. Record journal entries in the order displayed in the problem. (To record cash deposited in personal bank account) (To record amount tansferred from personal sccount to cookie creation acoount) (.) |. W W Post the journal entries to general ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Supplies Date Explanation Ref Debit Credit Balance 31 Prepaid Insurance Date Explanation Ref Debit. Credit Balance Equipment Date: Explanation Ref Debit Credit Balance 31 (1) Unearmed Service Revenue Date Explanation Ref Debit Crodit Balance Question 1 of 1 Service Revenue \begin{tabular}{|cccc} \hline Date Explanation Ref Debit & Credit & Balance \\ \hline & J1 & & \\ \hline \end{tabular} Advertising Expense Date Explanation Ref Debit Credit Balance eTextbook and Media Prepare a trial balance at November 30 . Totals $$ eTextbook and Media List of Accounts
