PLEASE ANSWER ALL QUESTIONS. WILL THUMBS UP IF CORRECT! In November 2023, 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. Nov. 8 11 16 17 18 14 15 25 29 30 30 30 8 30 8 Natalie cashes in her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. Natalie opens a bank account for Cookie Creations Inc. Cookie Creations sells common stock to Natalie for $500. Cookie Creations purchases paper and other office supplies for $95. (Use Supplies.) Cookie Creations pays $125 to purchase baking supplies, such as flour, sugar, butter, and chocolate chips. (Use Supplies.) 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 mixer that originally cost her $550. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $300, and she transfers the equipment into the business in exchange for additional common stock. (Treat this transaction as an $300 exchange of common stock for equipment.) The company needs more cash to sustain its operations. Natalie's grandmother lends the company $2,000 cash, in exchange for a two-year, 9% note payable. Interest and the principal are repayable at maturity. Cookie Creations pays $900 for additional baking equipment. Natalie schedules her first class for November 29. She will receive $100 on the date of the class. Natalie books a second class for December 5 for $150. She receives a $60 cash down payment, in advance. Natalie teaches her first class, booked on November 18, and collects the $100 cash. Natalie's brother develops a website for Cookie Creations Inc. that the company will use for advertising. He charges the company $600 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.) Cookie Creations pays $1,200 for a one-year insurance policy. 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 $300 with the school principal. The principal says that he will pass it along to the business office and it will be paid some time in December. Natalie receives a $50 invoice for use of her cell phone. She uses the cell phone exclusively for Cookie Creations Inc. business. The invoice is for services provided in November, and payment is due on December 15.
a. journalize the transactions
b. prepare a trial balance
c. post the transactions to t-accounts and determine month-end balance
In November 2029 after hevine incorporated Cooke Creations inc. Nutalie berins coerations: She has decided not to pursue the offer to supply cookies to Biscuils. Instead, the will focus on offering cookineclasses. The following events occur. Nov a Natalie canhes in her US, Saving Bonds and receives 3520 , whikh she deposits in her personal barkaccount 6. Natalie opens a banksccount for Cooble Creations inc 8 Cookie Creations sells common atock to Natalie for $500 11 Cookle Creations purchases paper and other office supplies for 595. (Use 5upplies) 14 Cookie Creations pays $125 to purchase baking sucplies, such as flour, suear, butter, and chocolate chipa (Use Supplies) 15 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes She has an exceilent top-of the-line food processor and miker that orighally cost her 5550 . Natalie decides to start using it only in her new business. She estimates that the equipment is currertly worth $300, and she transfers the equipment into the business in exthange for additional common stock. (Treat this transaction as an $300 exhance of common stock for equipenent) 16 The company needs more cash to sustain its operations. Natalie's grandmother lends the company $2,000 cash in exchange for a two-year, 9% note parable Interest and the prinelpal are repayable at maturity. 17 Cookie Creations pays $900 for additional baking equipment. 18. Natalie schedules her first class for November 29 . She will receive $100 on the date of the class. 25 Natalie books a second dass for December 5 for $150. She receives a $60 cash down payment, in advance 29 Natalie teaches her first class, bocked on November 18 , and collects the $100 cash. 50 Natalie's brother develops a website for Cookie Creations inc that the company will use for advertising He charges the company $600 for his work payable at the end of December. (Because the website is expected to have a uscful ilfe of two years before uperades are needed, it should be treated as an asset called Website) 30 Cockie Creations pays $1,200 for a one-year insurance policy. 30. 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 $300 with the school principal. The principal says that he will pass it along to the business office and it will be paid some time in December. 30. Natalie receives a $50 invoice for use of her cell phone. She uses the cell phone exclusively for Cookie Creations Inc. business. The invoice is for services provided in November, and parment is due on December 15 In November 2029 after hevine incorporated Cooke Creations inc. Nutalie berins coerations: She has decided not to pursue the offer to supply cookies to Biscuils. Instead, the will focus on offering cookineclasses. The following events occur. Nov a Natalie canhes in her US, Saving Bonds and receives 3520 , whikh she deposits in her personal barkaccount 6. Natalie opens a banksccount for Cooble Creations inc 8 Cookie Creations sells common atock to Natalie for $500 11 Cookle Creations purchases paper and other office supplies for 595. (Use 5upplies) 14 Cookie Creations pays $125 to purchase baking sucplies, such as flour, suear, butter, and chocolate chipa (Use Supplies) 15 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes She has an exceilent top-of the-line food processor and miker that orighally cost her 5550 . Natalie decides to start using it only in her new business. She estimates that the equipment is currertly worth $300, and she transfers the equipment into the business in exthange for additional common stock. (Treat this transaction as an $300 exhance of common stock for equipenent) 16 The company needs more cash to sustain its operations. Natalie's grandmother lends the company $2,000 cash in exchange for a two-year, 9% note parable Interest and the prinelpal are repayable at maturity. 17 Cookie Creations pays $900 for additional baking equipment. 18. Natalie schedules her first class for November 29 . She will receive $100 on the date of the class. 25 Natalie books a second dass for December 5 for $150. She receives a $60 cash down payment, in advance 29 Natalie teaches her first class, bocked on November 18 , and collects the $100 cash. 50 Natalie's brother develops a website for Cookie Creations inc that the company will use for advertising He charges the company $600 for his work payable at the end of December. (Because the website is expected to have a uscful ilfe of two years before uperades are needed, it should be treated as an asset called Website) 30 Cockie Creations pays $1,200 for a one-year insurance policy. 30. 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 $300 with the school principal. The principal says that he will pass it along to the business office and it will be paid some time in December. 30. Natalie receives a $50 invoice for use of her cell phone. She uses the cell phone exclusively for Cookie Creations Inc. business. The invoice is for services provided in November, and parment is due on December 15
