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What are the adjust entries for these??? November 2 0 2 3 November 8 Elizabeth cashes in her U . S . Savings Bond and
What are the adjust entries for these???
November
November Elizabeth cashes in her US Savings Bond and receives $ which she
deposits in her personal bank account.
November Elizabeth purchases $ of common stock in Taste Buds Kitchen.
November Taste Buds Kitchen pays $ to purchase baking supplies, such as flour,
sugar, butter, and chocolate chips Account: Supplies
November Elizabeth starts to gather some equipment to take with her when
teaching the cooking classes. She has an excellent topoftheline food
processor and mixer that originally cost her $ Elizabeth decides to
start using it only in her business. She estimates that the equipment is
currently worth $ and she transfers the equipment into the business
in exchange for additional common stock.
November The company needs more cash to sustain its operations. Elizabeth
decides to borrow from EG credit union, and the bank lends the company
$ cash, in exchange for a twoyear, note payable. Interest and
the principal are payable at maturity.
November Taste Buds Kitchen pays $ for additional baking equipment.
November Elizabeth schedules her first class for November She will receive
$ on the date of the class.
November Elizabeth books a second class for December for $ She receives a
$ cash down payment, in advance.
November Elizabeths brother develops a website for Taste Buds Kitchen, Inc., and
the company will use the site for advertising. He charges the company
$ for his work, payable at the end of December. Because the website
is expected to have a useful life of two years before upgrades are needed,
it should be treated as an asset called Website
November Taste Buds Kitchen pays $ for a oneyear insurance policy.
November Elizabeth teaches a group of elementary school students how to make
Santa Clause cookies. At the end of the class, Elizabeth leaves an invoice
for $ with the school principal. The principal says that he will pass it
along to the business office, and it will be paid sometime in December.
November Elizabeth receives a $ invoice for use of her cell phone. She uses the
cell phone exclusively for Taste Buds Kitchen business. The invoice is for
services provided in November, and payment is due on December
December
December Elizabeth hires an assistant at an hourly wage of $ per hour to help with
cookie making and some administrative duties.
December Elizabeth teaches the class that was booked on November The
balance outstanding is received.
December Taste Buds Kitchen receives a check for the amount due from the
neighborhood school for the class given on November
December Taste Buds Kitchen receives $ in advance from the local school board
for fiveclasses that the company will give during December and
January.
December Pays the cell phone invoice outstanding at November
December Issues a check to Elizabeths brother for the amount owed for the design
of the website.
December Receives a deposit of $ on a cookiebaking class scheduled for early
January.
December Additional revenue during the month for cookiemaking classes amounts
to $Elizabeth has not had time to account for each class
individually $ in cash has been collected and $ is still
outstanding. This is in addition to December and December
transactions
December Issues a check to Elizabeths assistant for $ Her assistant worked
approximately hours from the time in which she was hired until
December
December Taste Buds Kitchen, Inc. pays a dividend of $ to the common
shareholder Elizabeth
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