cookie case

Question 1 of 1 After researching the different forms of business organization. Coronado 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 Coronado cashes her 4 . Savings Bonds and receives $440, which she deposits in her personal bank account. 8 She opens a bank account under the name "Cookie Creations" and transfers $420 from her personal account to the new account. 11 Coronado pays $55 for advertising. 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $105 cash. (Hint: Use Supplies account) 14 Coronado 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 $630. Coronado decides to start using it only in her new business. She estimates that the equipment is currently worth $250. She invests the equipment in the business. 16 Coronado realizes that her initial cash investment is not enough. Her grandmother lends her $1,700 cash, for which Coronado signs a note payable in the name of the business. Coronado 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 $760 cash. 20 She teaches her first class and collects $105 cash. 25 Coronado books a second class for December 4 for $130. She receives $30 cash in advance as a down payment. 30 Coronado pays $1,110 for a one-year insurance policy that will expire on December 1,2022. Date Account Titles and Explanation Debit Credit (To record cash deposited in personal bank account) (To record amount transferred from personal account to Cookie creation account) Question 1 of 1 11 eTextbook and Media List of Accounts Attempts: 0 of 3 used (b)