$=$V$.$Ir:After researching the different forms of business organization, N Natalie Koebel decides to operate "Cookie Creations" as aproprietorship. She thens tarts the process of getting the business r unning $.$ In November $2021,$ the following activities take place place.The following trial balance for November $30.$asSUPPORT$1242$PMaW$702/3/$Z$024$n COOKIE TrialCREATIONSBalance November $30$ Debit CreditCash $$570$Supplies $130$Prepaid Insurance $1,370$Equipment $1,140$Unearned Service Revenue $$30$ Notes Payable $2,400720$Owner's Capital $130$Service RevenueQuestion of$170$Advertising Expense$$3,280$$$3\mathrm{.}280$TotalsNov. $8$ Natalie cashes her U$.$S$.$ Savings Bonds and receives $$540,$which she depositsi in her personal bank account.She opens a bank account under the name "Cookie Creations' and transfers $$520$ from her personal accounttos the new$8$account.Natalie pays $$7$O for advertising$\mathrm{.}11$She buys baking supplies, such as flour, sugar, butter $,$ and chocolate chips, for $$130$ cash. $($Hint: Use Supplies account.$)13$Natalie starts to gather some baking equipment to take with her when$1$ teaching the cookie classes She has an excellent$14$top$-$of$-$the$-$line$1$ food processor and mixer that originally costher $$780.$ Natalie decides to start :using it onlyi nher newbusiness. She estimates that the equipment is currently worth $$200.$ She invests the $`$equipment in the business.Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $$2,400$ cash, for which Natalie$16$signs a note payable in the name of the business. Natalie deposits the money in the business bank account. $($Hint: The notedoes not have to be repaid for $24$ months. As a result, the note payable should be reported in the accounts as the lastliability and also on the balance sheet as the last liability.$)$She buys more baking equipment for $$940$ cash$\mathrm{.}1720$ She teaches her first class and collects $$130$ cash.with her grandmother. Her grandmother asked I Natalie how wellz things wentIt is the end of November $,$ and Natalie has been in touch wthatin he r first month of business.I Natalie, too, would like to know if she has been profitable or not during November. Natalie realizestin order to determine C Cookie Creations' 'income, she must first make adjustments.Natalie puts together the following additional information.tosSUPPO$1242$PHAD$50$n$2/3/2024$She teaches her r first class and collects $ $$130$ cash.Vatalie books a second c d class for December $4$ for $$160.$She $,$ receives $$.$ s $$30$ cash in advance as a down payment.Natalie pays $$1,370$ for a one$-$year insurance ce policy that will e Iexpire on December $1.$L$,2022.30$A count revealst thal t $$35$ of baking supplies were used during November. $1.$Natalie estimates that all ofher baking equipment wil I have a useful life of $5$ years or $6$O months. $($Assume Natalie decides $2.$ record a full month's worth of depreciation, regardless of when the equipment $`$was obtained by the business.$)$Natalie$\text{'}$s grandmother has decided to charge interest of $7\%$ on the note payable extended on November $16.$ The loan plus $3.$ interest :isto be repaid in $24$ months. $($Assume that halfa month of interest accrued during November.$)$On November $30,$ a friend of Natalie's asks I er to teach a class at t he neighborhood$=$ school. Natalie agrees and teaches a $4.$ group of $35$ first$-$grade students how to make $`$gingerbread cookies. The next day, Natalie prepares an invoice for $$310$ and leave s it with the school principal, The principal says that he will pass the invoice alongto the head office, anditwilll be paid sometime i December.Natalie receives a utilities bill for $$45.$ The bill is for utilities consumed by Natalie's business during November andis due $5.$ December $15.$Your answer is partiallycorrect.whenindentedPrepare the adjusting. journal entries. $($List all debit entries before credit entries. Credit account title$=$ s are automaticallyamouni t isentered$.$ Do not indent manually.$)$CreditDebitDate Account Titles and ExplanationD.Nov$\mathrm{.}130$Supplies Expense$30130$SuppliesNov.Depreciation Expense$30$Accumulated Depreciation$-$EquipmentNov.ExpenseInterestaon$2$snMUNOVILWIEyement$-$ playe findechtnllauncihld$-3$T$16-63-2$SA$-$ABH$0$ S$1$Sc$-$dhes$2$cENTHlqyustonDLCOtS$-$Assignment: Mastering the Accounting Cycle, $,$Part IIQuestion of $1=$O$\mathrm{.}17/1$Nov.Interest Expense$30$Interest PayableNov.Accounts Receivable$30$Service RevenueNov.Utilities Expense$30$Accounts PayableeTextbook and $|$MediaList of AccountsEsupportAttempts: unlimited Submit AnswerSave for LaterI$2$BPM$4$nQ enD $2/3/204$EnCQ Search$63\backslash$deg FMostly cloudygidU.Ifl.:$-.--$a$2)0$Post the adjusting journal entries. $($Post entries s in the order of journal lentries presented in the previous question.$)$CashDate Explanation Ref.DebitCreditBalanceNov. $30$BalanceV$570$Accounts ReceivableDate Explanation Ref.DebitCreditBalanceJ$2$Nov. $30$SuppliesBalanceCreditDebitExplanation Ref.Date$130$VNov. $30$ Balance$=$SUPPORTJ$230$Prepaid InsuranceI$2$A$3$PMo eaB$/2024$nquestion $1$ of $1=$O$\mathrm{.}17/1.$Prepaid InsuranceDateExplanation Ref.DebitCreditBalanceNov. $30$ BalanceV$1,370$EquipmentDebitDate Explanation Ref.CreditBalanceVNov. $30$ Balance$1,140$Accumulated Depreciation$-$ EquipmentBalanceCreditDebitDate Explanation Ref.VNov. $30$Accounts PayableBalanceCreditDebitExplanation Ref.DateJ$2$F supportNov. $30$Interest PayableBalanceCreditDebitExplanation Ref$\mathrm{.}1243$ PMDaten Q $9()$ a $2/5/2024-2$I$-$Q SearchcloudyyEInterest PayableDate Explanation Ref.DebitCreditBalanceNov. $30$J$2$Unearned Service RevenueDate Explanation Ref.DebitCreditBalanceNov. $30$ BalanceV$30$Notes PayableDate Explanation Ref.DebitCreditBalanceNov. $30$ BalanceV$2,40$Owner's CapitalDate Explanation Ref.DebitCreditBalancevNov. $30$ Balance$72$Service Revenue Date Explanation Ref. Nov. $30$ Balance v Debit Credit Balance $1$WeeksnsssQuestion $1$ of $112$LBalanceDepreciation ExpenseNov. $30$CreditDebitExplanation Ref.DateJ$2$Nov. $30$BalanceInterest ExpenseCreditDebitDate Explanation Ref.J$2$Nov. $30$eTextbook and MediaAttempts: unlimited Submit AnswerList of AccountsSave for Later$($b$)$n o$2$aa Search$63\backslash$deg FMostly cloudyService RevenueDate Explanation Ref.DebitCreditBalanceNov. $30$ Balancev$13030$J$2$Utilities ExpenseDateExplanation Ref.DebitCreditBalanceJ$2$Nov. $30=$ SUPPORT$124$B PM$29$oD$12/8/2024$ Depreciation Expense Date Explanation Ref. Debit Credit BalanceSupplies Expense Date Explanation Ref. Debit Credit BalanceNov. $30$ J$2$ Advertising Expense Date Explanation Ref.Nov. $30$ V Debit $70$Credit Balance $70$eK $2"$A$)$I$5\text{'}"$c$1$ M$."\text{'}$O$\text{'}0\mathrm{.}17/1=$Question $1$ of $1($b$)$D$)$Prepare an adjusted trial balance.COOKIE CREATIONSAdjusted Trial BalanceCreditDebitEsupPOrt$1\mathrm{.}1243$ PM$63\backslash$deg FQCEEo $9$ DSearchn$\mathrm{.}2/6/2024$Mostly cloudyQuestion $1$ of $1$O$\mathrm{.}17/1=$ :a SUPPORTes o$1$a e a$002/3//2024$o Search$$TotalseTextbook anc I Media$=$SUPPORTList of AccountsSubmit AnswerAttempts: unlimitedD$\mathrm{.}17/1=$Totals$eTextbook and MediaList of AccountsEsupportAttempts: unlimited Submit AnswerSave for Later$09$p$02/3/$ IPMn