Question: Make table . Do like professional enteries. not just numbers After researching the different forms of business organization, Mei-ling Lee decides to operate Matcha Creations

Make table . Do like professional enteries. not just numbers
Make table . Do like professional enteries. not just numbers After researching

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 Mei-ling sells her investments and receives NTS520, which she deposits in her personal bank account. 8 She opens a bank account under the name "Matcha Creations" and transfers NTS 500 from her personal account to the new account in exchange for common stock. 11 Mei-ling pays NTS65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for NTS 125 cash. 14 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 NTS750. Mei-ling decides to start using it only in her new business. She estimates that the equipment is currently worth NTS 300 . She invests the equipment in the business in exchange for ordinary shares. 16 Mei-ling realizes that her initial cash investment is not enough. Her grandmother lends her NTS2,000 cash, for which Mei-ling signs a note payable in the name of the business. Mei-ling deposits the money in the business bank aecount. (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.) 17 She buys more baking equipment for NTS 900 cash. 20 She teaches her first class and collects NTS 125 cash. 25 Mei-ling books a second class for December 4 for NTS150. She receives NTS 30 cash in advance as a down payment. 30 Mei-ling pays NTS1,320 for a one-year insurance policy that will expire on December 1, 2022. Instructions (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

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