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Hello! I need help with this assignment that has 3 parts, A, B, and C. Thank you! A B. C After researching the different forms
Hello! I need help with this assignment that has 3 parts, A, B, and C. Thank you!
A
B.
C
After researching the different forms of business organization. Waterway 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 Waterway cashes her U.S. Savings Bonds and receives $630, which she deposits in her personal bank account. 8 She opens a bank account under the name "Cookie Creations" and transfers $610 from her personal account to the new account. 11 Waterway pays $80 for advertising. 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $155 cash. (Hint: Use Supplies account.) 14 Waterway 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 $920. Waterway decides to start using it only in her new business. She estimates that the equipment is currently worth $370. She invests the equipment in the business. 16 Waterway realizes that her initial cash investment is not enough. Her grandmother lends her $2,400 cash, for which Waterway signs a note payable in the name of the business. Waterway 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 $1,100 cash. 20 She teaches her first class and collects $155 cash. 25 Waterway books a second class for December 4 for $180. She receives $40 cash in advance as a down payment. 30 Waterway pays $1,610 for a one-year insurance policy that will expire on December 1, 2022. Prepare journal entrles to record the November transactions. (List all debit entries before credit entries. Credit account titles Prepare a trial balance at November 30Step by Step Solution
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