prepare journal entries, ledger, trail balance.

After researching the different forms of business organization, you decide to operate your business as a proprietorship. You then start the process of getting the business running. During the month of December 2021, the following activities take place: Dec 1 You purchase a commercial juicing machine, that costs $1200 using money from your own personal bank account. The machine will be used exclusively in your new smoothie business. 7 You open up a business bank account and deposit $800 from your personal bank account. 9 12 Realizing your initial cash investment won't be enough, you borrow $3500 from your mom, depositing it into the business bank account. As part of the deal, you sign a one-year note payable in the name of the business. In the hopes of generating some revenue, you pay $450 cash to advertise in the community newspaper. You buy supplies such as protein powder, cups, straws, and fresh fruit and vegetables, by paying $250 cash. You make and deliver your first batch of smoothies to Fred's Yoga Studio and you leave an invoice for $550 with the studio owner. The invoice is payable within 30 days. 17 21 28 A $210 invoice is received for your business cell phone for cell service for the month of December 29 Fred's Yoga Studio pre-ordered another batch of smoothies and paid you a $150 cash advance on that order. A 30 To celebrate your first month of operations, you buy yourself a $120 new year's present using a business cheque, so that the money comes out of the business bank account