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SWEET TREATS PRACTICE SET Madison Carter spent much of her childhood learning the art of cookie-making from her grandmother. They spent many enjoyable hours mastering every type of cookie imaginable and later creating new recipes that were both healthy and delicious. Now at the start of her second year in college, Madison is investigating various possibilities for starting her own business as part of the requirements of the entrepreneurship program in which she is enrolled. A long-time friend insists that Madison has to somehow include cookies in her business plan. After a series of brainstorming sessions, Madison settles on the idea of operating a cookie-making school called "Sweet Treats". She will start on a part-time basis and offer her services \"in-house\". Now that she has started thinking about it, the possibilities seem endless. During the fall, she will concentrate on holiday cookies. She will offer individual lessons and group sessions. Madison decides to operate Sweet Treats as a sole proprietorship beginning on October 8\"\General Journal J1 Date Account Titles and Explanations Ref. Debit Credit Oct. 8 Owner's Capital 500 Cash 500 Cash increased and should (Amount invested in the business) be the debit account - 1 Oct. 11 Advertising Expense 65 Cash 5 (Adversting expense paid with check 153) Oct. 13 Baking Supplies 125 Cash 125 Baking supplies for the business with check 154) Oct. 14 Equipment 300 Owner's Capital 300 (Invested a food processer to the business) Oct. 16 Cash 5000 Note Payable 5000 (To record note payable) Oct. 17 Eqiupment 900 Cash 900 (Purchased bakinf equipment with cash) Oct. 20 Cash 125 Service Revenue 125 (Recorded earned revenue) Oct. 25 Owner's Drawings 100 Cash 100 (For personal withdrawl) Oct. 30 Prepaid Insurance 1320 Cash 1320 (To record prepaid Insurance) Oct. 30 Accounts Receivable 300 Service Revenue 300 (Invoice for elementary school class)General Ledger Cash No. 101 Date Explanation Debit Balance Oct. 8 Owner's Capital 500.00 500.00 Oct. 11 Advertising Expense Oct. 13 65.00 435.00 Oct. 16 Supplies 125.00 Note Payable 310.00 5,000.00 Oct . 18 5,310.00 Equipment 900.00 Oct. 20 4,410.00 Service Revenue 125.00 Oct. 25 Owner's Drawing 100.00 4,435.00 Oct. 30 Prepaid Insurance 3,115.00 Accounts Receivable No. 112 Date planation Debit Credit Oct. 30 Balance Service Revenue 300.00 300.00 Inventory No. 120 mate Baking Supplies No. 126 Date Explanation Ref. Debit Credit Balance 125.00 125 00 Oct. 31 Supplies Expense 35.00 95.00 Check your math - / 2 Prepaid Insurance No. 130Service Revenue W Widow Gene/09 Jaw/mall vl Sales Revenue No. 401 Cost of Goods Sold No. 505 Advertising Expense Baking Supplies Expense No. 631 _ ' Depreciation Expense No. 711 Accumulated Depreciation Insurance Expense No. 722 Salaries and Wages Expense No. 726 Rent Expense No. 729 Utilities Expense No, 732 Interest Expense No, 905 October Worksheet Trial Balance Adjustments Adjusted Trial Bal. Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cast 3,115.00 The fast column Accounts Receivable 300.00 Inventory 13 3 3 3 is an Unadjusted Baking Supplies 95.00 Prepaid Insurance 1,320.00 Trial Balance Equipment 1,200.00 Accum. Depr.-Equipment 20.00 so it should be Notes Payable 5,000.00 Accounts Payable the balances before Salaries and Wages Payable 45.00 Interest Payable 35.00 adjustments Owner's Capital 800.00 Owner's Drawings 100.00 Service Revenue 400.00 Sales Revenue Cost of Goods Sold Advertising Expense 35.00 Baking Supplies Expense 35.00 Depreciation Expense 20.00 Insurance Expense Salaries and Wages Expense 45.00 Rent Expense Utilities Expense Interest Expense 35.00 6,300.00 6,300.00 TOTALS Net Income TOTALSThe following transactions occurred during the month of October. Oct. 8 11 13 14 16 17 20 25 30 30 Madison cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. She opens a bank account under the name Sweet Treats and transfers $500 from her personal account to the new account. Madison pays $65 for advertising. Check 153. She buys baking supplies, such as our, sugar, butter, and chocolate chips, for $125 cash. Check 154. Madison 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 $750. Madison decides to start using it only in her new business. She estimates that the food processor is currently worth $300. She invests the food processor in the business. (Record the asset at current worth.) Madison realizes that her initial cash investment is not enough. Her grandmother lends her $5,000 cash, for which Madison signs a note payable in the name of the business. Madison deposits the money in the business bank account. The note will be repaid in 24 months. She buys more baking equipment for $900 cash. Check 155. She teaches her rst class and collects $125 cash. Madison withdraws $100 from the business for personal expenditures. Check 156. Madison pays $1,320 for a one-year insurance policy that will expire on November 1 of the next year. Check 15?. A friend of Madison's asked her to teach a class at the neighborhood school, Newbury Elementary School. Madison agreed and taught a group of 35 rst-grade students how to make gingerbread cookies. The next day, Madison prepared an invoice for $300 and left it with the school principal. The principal said that he will pass the invoice along to the head ofce, and it will be paid sometime in November. As of October 31, the following adjusting entry data is available. 1. A count reveals that $35 of baking supplies were used during October. 2. Madison estimates that her baking equipment depreciates $20 per month. 3. Madison's grandmother has decided to charge 8.4% interest on the note, and the loan plus interest is to be repaid in 24 months. Madison has decided to accrue the interest each month just to be sure her books correctly reflect what needs to be repaid. She will accrue a full month's interest in October, since she wouldn't even be off the ground without her grandma's help. . Madison had a friend assist her with the Newbury Elementary School class. She decides to hire her friend as an employee. She owes her $45 for the October 30 class, that she will pay on November 15