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 cooking classes. The following events occur.

Question

Question

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 cooking classes. 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

Cookie Creations purchases paper and other office supplies for $95. (Use Supplies.)

14

Cookie Creations pays $125 to purchase baking supplies, such as flour, sugar, butter, and chocolate chips. (Use Supplies.)

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 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.

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 payable. Interest and the principal 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 class for December 5 for $150. She receives a $60 cash down payment, in advance.

29

Natalie teaches her first class, booked on November 18, and collects the $100 cash.

30

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.)

30

Cookie 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 payment is due on December 15.

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date	enter an account title to record cash depositing	enter a debit amount	enter a credit amount
	enter an account title to record cash depositing	enter a debit amount	enter a credit amount
	(Natalie deposits the cash on her personal bank account)
choose a transaction date	enter an account title to record the opening of the bank-account	enter a debit amount	enter a credit amount
	enter an account title to record the opening of the bank-account	enter a debit amount	enter a credit amount
	(Natalie opens a bank account)
choose a transaction date	enter an account title to record the issuance of stock for cash	enter a debit amount	enter a credit amount
	enter an account title to record the issuance of stock for cash	enter a debit amount	enter a credit amount
	(Issued stock for cash)
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title to record purchase of website on account	enter a debit amount	enter a credit amount
	enter an account title to record purchase of website on account	enter a debit amount	enter a credit amount
	(To record purchase of website on account)
choose a transaction date	enter an account title to record payment of insurance	enter a debit amount	enter a credit amount
	enter an account title to record payment of insurance	enter a debit amount	enter a credit amount
	(To record payment of insurance)
choose a transaction date	enter an account title to record billing the client	enter a debit amount	enter a credit amount
	enter an account title to record billing the client	enter a debit amount	enter a credit amount
	(Billed client for service rendered)
choose a transaction date	enter an account title to record payment of utilities on account	enter a debit amount	enter a credit amount
	enter an account title to record payment of utilities on account	enter a debit amount	enter a credit amount
	(To record payment of utilities on account)

Could the answer be in the table format?

accounting finances Act

Add a comment Improve this question Transcribed image text

Answer 1

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 cooking classes. The following events occur.

Homework Answers

Request Answer!

Add Answer to:
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 cooking classes. The following events occur.

Post as a guest

Earn Coins

ookie Creations 3 n November 2017, after having incorporated Cookle Creations Inc., Natalie begins operations. She...