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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Business

Accounting

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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Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage…