Accounting: The Recording Process

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After researching the different forms of business organization, Mei-ling Lee decides to operate "Matcha Creations" as a corporation. She then starts the process of getting the business running. In November 2021, the following activities take place. Nov. 8 8 11 13 14 16 723 17 20 25 30 Instructions Mei-ling sells her investments and receives NT$520, which she deposits in her personal bank account. She opens a bank account under the name "Matcha Creations" and transfers NT$500 from her personal account to the new account in exchange for common stock. Mei-ling pays NT$65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for NT$125 cash. Mei-ling 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 NT$750. Mei-ling decides to start using it only in her new business. She estimates that the equipment is currently worth NT$300. She invests the equipment in the business in exchange for ordinary shares. Mei-ling realizes that her initial cash investment is not enough. Her grandmother lends her NT$2,000 cash, for which Mei-ling signs a note payable in the name of the business. Mei-ling deposits the money in the business bank account. (Hint: The note does not have to be repaid for 24 months. As a result, the notes payable should be reported in the accounts as the last liability and on the statement of financial position as the first liability.) She buys more baking equipment for NT$900 cash. She teaches her first class and collects NT$125 cash. Mei-ling books a second class for December 4 for NT$150. She receives NT$30 cash in advance as a down payment. Mei-ling pays NT$1,320 for a one-year insurance policy that will expire on December 1, 2022. (a) Prepare journal entries to record the November transactions. (You may omit explanations). (b) Post the journal entries to general ledger accounts, using the standard form of account. (c) Prepare a trial balance at November 30.