stion $1$ of $1$

$\frac{0\mathrm{.}04}{1}$

ter researching the different forms of business organization. Concord Koebel decides to operate "Cookie Creations" as a oprietorship. She then starts the process of getting the business running. In November $2021,$ the following activities take place.

Nov. $8$ Concord cashes her U$.$S$.$ Savings Bonds and receives $$550,$ which she deposits in her personal bank account.

$8$ She opens a bank account under the name "Cookie Creations" and transfers $$530$ from her personal account to the new account.

$11$ Concord pays $$70$ for advertising.

$13$ She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $$135$ cash. $($Hint: Use Supplies account.$)$

$14$ Concord 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 $$800.$ Concord decides to start using it only in her new business. She estimates that the equipment is currently worth $$320.$ She invests the equipment in the business.

$16$ Concord realizes that her initial cash investment is not enough. Her grandmother lends her $$2,100$ cash, for which Concord signs a note payable in the name of the business. Concord 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 $$950$ cash.

$20$ She teaches her first class and collects $$135$ cash.

$25$ Concord books a second class for December $4$ for $$160.$ She receives $$30$ cash in advance as a down payment.

$30$ Concord pays $$1,400$ for a one$-$year insurance policy that will expire on December $1,2022.$

the Accounting Cycle, Part I

estion $1$ of $1$

$\frac{0\mathrm{.}11}{1}$

Prepare journal entries to record the November transactions. $($Ust all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Record joumal entries in the order displayed in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit

No Entry $$

$($To record cash deposited in personal bank account$)$

$($To record amount transferred from personal account to Cookie creation account$)$

Prepare journal entries to record the November transactions. $($Ust all debit entries before credit entries. Credit account tittes are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account tittes and enter $0$ for the amounts. Record joumal entries in the order displayed in the problem.$)$