The following transactions occurred during the month of October. Oct. 8 Madison cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name Sweet Treats and transfers $500 from her personal account to the new account. 11 Madison pays $65 for advertising. Check 153. 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. Check 154. 14 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.) 16 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. 17 She buys more baking equipment for $900 cash. Check 155. 20 She teaches her first class and collects $125 cash. 25 30 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 157. 30 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 first-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 office, 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. 4. 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. The following transactions occurred during the month of October. Oct. 8 Madison cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name Sweet Treats and transfers $500 from her personal account to the new account. 11 Madison pays $65 for advertising. Check 153. 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. Check 154. 14 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.) 16 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. 17 She buys more baking equipment for $900 cash. Check 155. 20 She teaches her first class and collects $125 cash. 25 30 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 157. 30 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 first-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 office, 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. 4. 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