Continuing cookie chronicle – ccc3

Continuing Cookie Chronicle

CCC3            

In November 2011, after having incorporated Cookie Creations Inc., Natalie begins operations. Instead, she will focus on offering cooking classes. The following events occur in November.

 

8          Natalie cashes in her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.

8          Natalie opens a bank account for Cookie Creations Inc.

8          Natalie purchases $500 of Cookie Creations’ common stock.

11        Cookie Creations purchases paper and other office supplies for $95. (Use Supplies.)

14        Cookie Creations pays $125 to purchase baking supplies, such as flour, sugar, butter, and chocolate chips. (Use Supplies.)

15        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 that originally cost her $550. Natalie decides to start using it only in her

new business. She estimates that the equipment is currently worth $300, and

she transfers the equipment into the business in exchange for additional common

stock.

16        The company needs more cash to sustain its operations. Natalie’s grandmother

lends the company $2,000 cash, in exchange for a two-year, 9% note payable.

Interest and the principal are repayable at maturity.

17        Cookie Creations pays $900 for additional baking equipment.

18        Natalie schedules her first class for November 29. She will receive $100 on the

date of the class.

25        Natalie books a second class for December 5 for $150. She receives a $60 cash

down payment, in advance.

29        Natalie teaches her first class, booked on November 18, and collects the $100

cash.

30        Natalie’s brother develops a website for Cookie Creations Inc. that the company

will use for advertising. He charges the company $600 for his work,

payable at the end of December. (Because the website is expected to have a

useful life of two years before upgrades are needed, it should be treated as

an asset called Website.)

30        Cookie Creations pays $1,200 for a one-year insurance policy.

30        Natalie teaches a group of elementary school students how to make Santa Claus

cookies. At the end of the class, Natalie leaves an invoice for $300 with the

school principal. The principal says that he will pass it along to the business

office and it will be paid some time in December.

30        Natalie receives a $50 invoice for use of her cell phone. She uses the cell phone

exclusively for Cookie Creations Inc. business. The invoice is for services provided

in November, and payment is due on December 15.

 

Instructions

(a) Prepare journal entries to record the November transactions.

(b) Post the journal entries to general ledger accounts.

(c) Prepare a trial balance at November 30, 2011.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency