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After researching the different forms of business organization. Natalie Koebel decides to operate "Cookie Creations" as a proprietorship. She then starts the process of getting the business running. In November 2019, the following activities take place.
Nov. 8Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.8She opens a bank account under the name "Cookie Creations" and transfers $500 from her personal account to the new account.11Natalie pays $65 for advertising.13She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. (Hint: Use Supplies account.)14Natalie 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 $750.
Question 1: Prepare journal entries to record the November transactions, Post the journal entries to general ledger accounts, and prepare a trial balance at November 30.
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