Prepare journal entries to record the November transactions. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter O for the amounts. Record journal entries in the order displayed in the problem.)DateOv. 11lov. 8ov. 8ov. 17ov. 30Account Titles and ExplanationAdvertising ExpenseSupplies Expense(To record cash deposited in personal bank account)DepositWithdrawl(To record amount transferred from personal accountto Cookie creation account)DepositCashBaking EquipmentInsurance PolicyDebit701305209401,370Credit540520www.2,100 fter researching the different forms of business organization. Lily Koebel decides to operate "Cookie Creations" as a proprietorship.he then starts the process of getting the business running. In November 2021, the following activities take place.Nov. 88111314(a)1617202530Lily cashes her U.S. Savings Bonds and receives $540, which she deposits in her personal bank account.She opens a bank account under the name "Cookie Creations" and transfers $520 from her personal account to the newaccount.Lily pays $70 for advertising.She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $130 cash. (Hint: Use Supplies account.)Lily 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 $780. Lily decides to start using it only in her new business.She estimates that the equipment is currently worth $310. She invests the equipment in the business.Lily realizes that her initial cash investment is not enough. Her grandmother lends her $2,100 cash, for which Lily signs anote payable in the name of the business. Lily deposits the money in the business bank account. (Hint: The note does nothave to be repaid for 24 months. As a result, the note payable should be reported in the accounts as the last liability andalso on the balance sheet as the last liability.)She buys more baking equipment for $940 cash.She teaches her first class and collects $130 cash.Lily books a second class for December 4 for $160. She receives $30 cash in advance as a down payment.Lily pays $1,370 for a one-year insurance policy that will expire on December 1, 2022.

A journal entry is like a financial diary where businesses record all their money-related…

Answered: fter researching the different forms of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Juliet opened an Office Cleaning Service company on January 1, 2021. During the year she had the following transactions. 1) She started the business with investing $25,000 of her own money (business was organized as corporation) 2) She purchased $18,000 equipment in cash. 3) She purchased a truck for $30,000 for business use - paid $5,000 in cash and signed a 3-year note for the rest. 4) She borrowed $20,000 from bank by signing a 5-year note. 5) During the year, purchased $5,500 of supplies in cash. 6) During the year, provided $120000 services to customers of which $100,000 was collected, the rest was not yet collected as of Dec. 31st. 7) During the year, she incurred $80,000 of salaries, rent, utilities, and insurance expenses of which $3000 was still not paid as of Dec. 31st. 8) During the year, she paid $4,000 to bank of which $1200 was for interest and the rest was for payment of the principal of the loan. 9) During the year, she took $6,000 as dividend…
Ashavinbhai
Jack Allen, a graduate in childcare services, wants to open a daycare under the name Little Wolves. Here are the transactions relating to his company until September 18, 2018: Sept 01: Jack personally borrows $15,000 from his mother and deposits this sum at Banque Boréale in an account established in the name of Little Wolves. Sept 01: Purchase on credit of a set of children's toys from Toys Games Inc. for the sum of $3,000 (invoice no. 2715). Sept 06: Bank loan of $9,000 from Banque Boréale on behalf of Little Wolves. Sept 08: Issuance of check no. 1 for $1,000 & Toys games Inc., in partial payment of invoice no. 2715 of September 1, 2018. Sept 10: Cash purchase (check No. 2) of desks and chairs for a total of $4,500. The actual value of the furnishings is $7,500. Sept 12: Purchase of swings on credit: $1,000. Sept 14: Purchase by check (No. 3) of educational games: $2,000. Sept 16: Electronic transfer of $300 made to repay part of the bank loan (line of credit). Sept 18:…
A.
can you show me the correct journal entries for these please, want to compare to double check my work.
John Smith starts an incorporated an online music store called Music mart Inc. on 1st January, 2019 as ‘One Person Company'. He does this by depositing $25,000 of his funds in bank account that he has opened in the name of the business entity and taking $25,000 of stock certificates in return from the company. Further transactions are as under: 1. Music Mart borrows $12,500 from a bank on January 2; the loan is evidenced by a legal document. 2. The business buys inventory worth $5,000 on January 3 by paying cash.3. On January 4th, store sells merchandise costing $500 for $ 750 for cash.4. The store purchased and received merchandise for inventory for $5,000, agreeing to pay within 30 days. 5. Merchandise costing $1,500 was sold for $2,300, which was received in cash6. Merchandise costing $1,700 was sold for $2,620 the customers agreeing to pay $2,620 within 30 days.7. The store purchased a three-year fire insurance policy for $1,224, paying cash.8. The store purchased two lots of land…
9. Leon Jackson is an entrepreneur who plans to start a Web site design and maintenance business called Webworks. The First National Bank just approved a loan so he is now ready to purchase needed equipment, hire administrative help, and begin designing sites. During June, his first month of business, the following events occur. a) Webworks signs a note at the bank and is given $10,000 cash. b) Jackson deposits $2,000 of his own money into the company checking account as his capital contribution. c) Webworks purchases a new computer and other additional equipment for $3,000 in cash. d) Webworks purchases supplies worth $200 on account that should last Webworks two months. e) Webworks hires Nancy Po to assist with administrative tasks. She will charge $100 per Web site for her assistance. f) Webworks begins working on its first two Web sites, one for Juan Sanchez (a friend of Jackson's dad) and the other for Pauline Smith, a local businessperson. g) Webworks completes the site for Mr.…
David started a small new business in Bicester at the 1st September 2020. He ispreparing accounts to 30th September 2020. His transactions in first monthwere as follows:1/09 David contributed to the business with a Computer with value of £2000,£20,000 in the Bank and £4200 cash and2/09 Purchased goods £800 on credit from Dawson3/09 Bought a brand new high speed Computer £2000 paying by cheque5/09 Sold goods for £400 and received the money in Bank6/09 Bought goods on cash £400 from M Maurice10/09 Paid rent by cheque £60012/09 Paid in Cash £100 for repairing Computer18/09 Goods returned to Dawson £10021/09 Let off part of the premises receiving rent by cheque £30023/09 Sold goods on credit to Joseph £40023/09 Sold goods of £1500 and received cash24/09 Bought a car for business use paying by cheque £100030/09 Paid the month’s wages by cash £70030/09 David took cash for herself £450 d) Prepare an Income Statement for the period ended 30th September2019**Assuming closing inventory of £…
Rose opened an Office Cleaning Service company on January 1, 2020. During 2020 she had the following transactions.(1) She started the business with investing $30,000 of her own money (business was organized as corporation)(2) She borrowed $45,000 from bank by issuing a 5-year note.(3) She purchased $15,000 of furniture and equipment in cash.(4) She purchased a truck for business use at $20,000 in cash.(5) During the year, provided $70,000 services to customers of which $66,000 was collected, the rest was not yet collected as of Dec. 31st.(6) During the year, she incurred $55,000 of salaries, rent, utilities, and insurance expenses of which $3000 was still not paid as of Dec. 31st.(7) During the year, she paid $3000 interest on the note to the Bank(8) During the year, she took $8,000 as dividend.(9) During the year, purchased $2000 of supplies in cash. $500 of the supplies was left as of Dec. 31st.(10) During the year,…
Can you show me what the general ledgers would look like. I have them done just want to double check my work
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 2022, 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 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 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…
On June 7, 2022 your mother visits Jewel to purchase purchase shampoo, paper towels, toothpaste, and laundry detergent. She finds all of the items on her list and pays the cashier $40 in cash (including taxes) for her purchases. Your mother returns home to find you studying for Acc. 350 and you comment that she had a contract with Jewel. She states that she paid in cash ... no legal document was signed. Eplain why a contract existed between your mother and Jewel on June 7, 2022?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS