Question 2:The cake Basket has recently started a business named Cookie Creations. Following Data is given for themonth of November.Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in herpersonal bank account.8 She opens a bank account under the name "Cookie Creations" and transfers $500 fromher personal account to the new account.11 Natalie pays $65 for advertising.13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash.(Hint: Úse Supplies account.)14 Natalic starts to gather some baking equipment to take with her when teaching thecookie classes. She has an excellent top-of-the-line food processor and mixer thatoriginally cost her $750. Natalie decides to start using it only in her new business. Sheestimates that the equipment is currently worth $300. She invests the equipment in thebusiness.16 Natalie realizes that her initial cash investment is not enough. Her grandmother lends her$2,000 cash, for which Natalie signs a note payable in the name of the business. Nataliedeposits the money in the business bank account. (Hint: The note does not have to berepaid for 24 months. As a result, the note payable should be reported in the accounts asthe last liability and also on the balance sheet as the last liability.)17 She buys more baking equipment for $900 cash.20She teaches her first class and collects $125 cash.25 Natalie books a second class for December 4 for $150. She receives $30 cash in advance asa down payment.30Natalic pavs $1.320 for a one-vear insurance policy that will expire on December 1. 2017.Required: Use the last assignment of Journal to prepare Ledger & Trial Balance

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Description: Question 2:The cake Basket has recently started a business named Cookie Creations. Following Data is given for themonth of November.Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in herpersonal bank account.8 She

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Question 2: The cake Basket has recently started a business named Cookie Creations. Following Data is given for the month of November. Nov. 8 Natalic 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. 11 Natalie pays $65 for advertising.

Question 2: The cake Basket has recently started a business named Cookie Creations. Following Data is given for the month of November. Nov. 8 Natalic 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. 11 Natalie pays $65 for advertising.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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