A. Journal entries for November Transactions:
Date | Particulars | Dr (in $) | Cr (in $) |
Nov-08 | Bank A/C …Dr | 520 | |
To Investments A/C | 520 | ||
(Being Investments encashed) | |||
Nov-08 | Bank A/C …Dr | 500 | |
To Bank A/C | 500 | ||
(Being amount transferred from personal bank to bank account of Cookie Creations) | |||
Nov-11 | Advertisement A/C …dr | 65 | |
To Bank A/C | 65 | ||
(Being amount paid for advertisement) | |||
Nov-13 | Cash A/C …Dr | 125 | |
To Bank A/C | 125 | ||
(Being amount withdrawn from bank) | |||
Nov-13 | Supplies A/C …dr | 125 | |
To Cash A/C | 125 | ||
(Being expenditure incurred on baking supplies) | |||
Nov-14 | Equipments A/C …dr | 300 | |
To Capital A/C | 300 | ||
(Being personal assets tranferred to business) | |||
Nov-16 | Bank A/C …Dr | 2,000 | |
To Notes Payable A/C | 2,000 | ||
(Being notes payable to grandmother for additional capital ofr business) | |||
Nov-17 | Cash A/C …Dr | 900 | |
To Bank A/C | 900 | ||
(Being amount withdrawn from bank) | |||
Nov-17 | Supplies A/C …dr | 900 | |
To Cash A/C | 900 | ||
(Being expenditure incurred on baking supplies) | |||
Nov-20 | Cash A/C …Dr | 125 | |
To Teaching Income | 125 | ||
(Being income earned through teaching first class) | |||
Nov-20 | Bank A/C …Dr | 125 | |
To Cash A/C | 125 | ||
(Being amount deposited into bank a/c) | |||
Cash A/C …Dr | 30 | ||
To Teaching Income | 30 | ||
(Being income received in advance for teaching second class) | |||
Nov-25 | Bank A/C …Dr | 30 | |
To Cash A/C | 30 | ||
(Being amount deposited into bank a/c) | |||
Nov-30 | Bank A/C …Dr | 1,320 | |
To Insurance Policy A/C | 1,320 | ||
(Being Investment made in insurance policy due for retirement in December, 2020) | |||
Dec-31 | Teaching Income A/C …dr | 155 | |
To Profit and Loss A/C | 155 | ||
(Being income transferred to P/L A/C) | |||
Dec-31 | Insurance Policy A/C …dr | 110 | |
To Profit and Loss A/C | 110 | ||
(Being installment for insurance policy charged to P/L A/C) |
After researching the different forms of business organization, Natalie decides to operate cookie creations as a...
After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2015, the following activities take place. Nov. 8 Natalie 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 “Cookie Creations” and transfers $500 from her personal account to the new account in exchange...
After researching the different forms of business organization, Natalie Koebel decides to operate "Cookie Creations" as a proprietorship. She then starts the process of getting the business running. In November 2019, the following activities take place. Nov. 8 Natalie cashes her U.s. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens bank account under the name "Cookie Creations" and transfers $500 from her personal account to the new account. 11 Natalie pays $65...
After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2015, the following activities take place.Nov. 8 Natalie 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 “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock.11 ...
Cookie Creations 02 a-c (Part Level Submission) After researching the different forms of business organization. Natalie Koebel decides to operate “Cookie Creations” as a proprietorship. She then starts the process of getting the business running. In November 2019, the following activities take place. Nov. 8 Natalie 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 “Cookie Creations” and transfers $500 from her personal account...
Cookie Creations Continuing Problem 3 Instructions (a) Prepare journal entries to record the November transactions. (b) Post the journal entries to the general ledger accounts. (c) Prepare a trial balance at November 30, 2020. (Note: This is a continuation of the Cookie Creations from Chapters 1 and 2.) CC3 In November 2020, after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided not to pursue the offer to supply cookies to Biscuits. Instead, she will focus on offering...
after researching the different forms of business organization, Natalie Kocbel decides to start a proprietorship called Nat's Clock Rewinding. She then starts the process of getting the business running, During the month of January 2020, the following activities take place: an 12 an 20 n. 22 an. 23 Natalie invests $2.000 cash, and tools and equipment worth $750 into the business. Her family provides her business with a $3,000 loan, and she signs a year note payable for it. Pays...
ookie Creations 3 n November 2017, after having incorporated Cookle Creations Inc., Natalie begins operations. She has decided not to pursue the offer to supply cookies to Biscuits. Instead, she will cus on offering cooking dasses. The following events occur. Nov. 8 Natalie cashes in her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 Natalie opens a bank account for Cookie Creations Inc. 8 Natalie purchases $500 of Cookie Creations' common stock 11...
Prepare accounting journal entries to record the November transactionsNov. 8 Natalie purchases $500 of Cookie Creations' common stockNov. 11 Cookie Creations purchases paper and other office supplies for $95 (Use Supplies)Nov. 14 Cookie Creations pays $125 to purchase baking supplies, such as flour, sugar, butter, and chocolate chips (use Supplies).Nov. 15 Natalie 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 mixerthat originally cost her $550....
In November 2017, after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided not to pursue the offer to supply cookies to Biscuits. Instead, she will focus on offering cooking classes. The following events occur. Natalie purchases $5000 of Cookie Creations’ common stock. Natalie teaches a group of elementary school students how to make Santa Claus cookies. At the end of the class, Natalie leaves an invoice for $3000- with the school principal. The principal says that he...
In November 2017, after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided not to pursue the offer to supply cookies to Biscuits. Instead, she will focus on offering cooking classes. The following events occur. Natalie purchases $5000 of Cookie Creations’ common stock. Natalie teaches a group of elementary school students how to make Santa Claus cookies. At the end of the class, Natalie leaves an invoice for $3000- with the school principal. The principal says that he...