NOVEMBER TRANSACTIONS Date Transaction 8 You found you have some U.S. Savings Bonds laying around from a grandparent. You decide to cash those in and receive $520, which you deposit in your personal bank account. 8 You open a bank account for your business. 8 You purchases $1,000 of your own business's common stock. 11 Your business purchases paper and other office supplies for $95. (Use Supplies.) 15 16 17 18 29 29 30 888 30 30 30 You start to gather some equipment to take with you when you begin your business. You have an excellent computer that is old, but works fine. You decides to start using it only for your new business. You estimate that the computer is currently worth $300, and you transfer the computer into the business in exchange for additional common stock. (Use "Computer" as the account type). The company needs more cash to sustain its operations. Your parents lend the company $5,000 cash, in exchange for a two-year, 9% note payable. Interest and the principal are repayable at maturity. Your business pays $1,200 for additional equipment. You order some merchandise from a wholesaler in the amount of $2,000 cash, shipping terms FOB Shipping Point. Freight costs amounted to $40. You have your first sale in the amount of $100, paid on account. These products originally costed you $50. You ship your product to your customer under the terms FOB Destination. Freight Costs amounted to $10 cash. Your CMO develops a website for your business that the company will use for advertising. He/She charges the company $750 for his/her work, payable at the end of December. Your business pays $1,200 for a one-year insurance policy using cash. You make another sale to customers in the amount of $300. These products originally costed you $150. Your sale to your customer is under the terms n/30 and FOB Destination. Freight costs amounted to $30. You receive a $150 invoice for use of your cell phone. You use the cell phone exclusively for your business. The invoice is for services provided in November, and payment is due on December 15. (Use "Accounts Payable"). End Balance End Balance End Balance End Balance End Balance End Balance End Balance End Balance Cash Debit Credit End Balance Supplies End Balance Debit Credit Debit Computer End Balance Credit Equipment End Balance Debit Credit Prepaid Insurance End Balance Debit Credit Accounts Receivable End Balance Debit Credit Cell Phone Expense Debit Credit Freight-Out Debit Credit End Balance End Balance Inventory Debit Credit Notes Payable Debit Credit Unearned Revenue Debit Credit Accounts Payable Debit Credit Advertising Expense Debit Credit Common Stock Debit Credit Cost of Goods Sold Debit Credit Sales Revenue Debit Credit