3:27 m Ri W N4G 35% Û ō education.wiley.com/w + ← Week 4 - Assignment: Cookie Creations Question 1 of 1 > > (c) Your answer is partially correct. 10 0.63/1 == Assume that Cookie & Coffee Creations Inc. issues 1,120 $0.50 noncumulative preferred shares to Curtis's dad and the same number to Natalie's grandmother, in both cases for $5,600. Also assume that Cookie & Coffee Creations Inc. issues 840 common shares to its lawyer. Prepare the journal entries for each of these transactions. They all occurred on November 1. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Nov. 1 Cash Preferred Stock Nov. 1 (To record issue of preferred stock) (d) Common Stock (To record issue of common shares to lawyer) eTextbook and Media eTextbook 1 eTextbook 2 eTextbook 3 List of Accounts Save for Later Debit 11200 840 Credit 11200 840 Assistance Used Assistance Used Attempts: 2 of 3 used Submit Answer Prepare the opening balance sheet for Cookie & Coffee Creations Inc. as of November 1, 2022, including the journal entries in (b) and (c) above. (List current assets in order of liquidity. Enter the account name only and do not provide the descriptive information provided in the question.) Current Assets Cash ||| COOKIE & COFFEE CREATIONS INC. Balance Sheet November 1, 2022 Assets $ SUPPORT 21432 *
3:27 m Ri W N4G 35% Û ō education.wiley.com/w + ← Week 4 - Assignment: Cookie Creations Question 1 of 1 > > (c) Your answer is partially correct. 10 0.63/1 == Assume that Cookie & Coffee Creations Inc. issues 1,120 $0.50 noncumulative preferred shares to Curtis's dad and the same number to Natalie's grandmother, in both cases for $5,600. Also assume that Cookie & Coffee Creations Inc. issues 840 common shares to its lawyer. Prepare the journal entries for each of these transactions. They all occurred on November 1. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Nov. 1 Cash Preferred Stock Nov. 1 (To record issue of preferred stock) (d) Common Stock (To record issue of common shares to lawyer) eTextbook and Media eTextbook 1 eTextbook 2 eTextbook 3 List of Accounts Save for Later Debit 11200 840 Credit 11200 840 Assistance Used Assistance Used Attempts: 2 of 3 used Submit Answer Prepare the opening balance sheet for Cookie & Coffee Creations Inc. as of November 1, 2022, including the journal entries in (b) and (c) above. (List current assets in order of liquidity. Enter the account name only and do not provide the descriptive information provided in the question.) Current Assets Cash ||| COOKIE & COFFEE CREATIONS INC. Balance Sheet November 1, 2022 Assets $ SUPPORT 21432 *
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:3:27
m
Ri W
N4G 35%
Û ō education.wiley.com/w +
← Week 4 - Assignment: Cookie Creations
Question 1 of 1
>
>
(c)
Your answer is partially correct.
10
0.63/1
==
Assume that Cookie & Coffee Creations Inc. issues 1,120 $0.50 noncumulative preferred shares to Curtis's dad and the same
number to Natalie's grandmother, in both cases for $5,600. Also assume that Cookie & Coffee Creations Inc. issues 840 common
shares to its lawyer.
Prepare the journal entries for each of these transactions. They all occurred on November 1. (List all debit entries before credit
entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Nov.
1
Cash
Preferred Stock
Nov.
1
(To record issue of preferred stock)
(d)
Common Stock
(To record issue of common shares to lawyer)
eTextbook and Media
eTextbook 1
eTextbook 2
eTextbook 3
List of Accounts
Save for Later
Debit
11200
840
Credit
11200
840
Assistance Used
Assistance Used
Attempts: 2 of 3 used
Submit Answer
Prepare the opening balance sheet for Cookie & Coffee Creations Inc. as of November 1, 2022, including the journal entries in
(b) and (c) above. (List current assets in order of liquidity. Enter the account name only and do not provide the descriptive information
provided in the question.)
Current Assets
Cash
|||
COOKIE & COFFEE CREATIONS INC.
Balance Sheet
November 1, 2022
Assets
$
SUPPORT
21432
*
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