The remainder of this project continues with the idea of a company like Sante Smoothies. However,...

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The remainder of this project continues with the idea of a company like Sante Smoothies. However, you should choose your own unique company name. Note that the capital and drawings accounts will now be called "YourtastName, capital and "YourtastName, drawings". After researching the different forms of business organization, you decide to operate your business as a proprietorship. You then start the process of getting the business running. During the month of December 2020, the following activities take place: You purchase a commercial juicing machine, that costs $8s0 using money from your own personal bank account. The machine will be used exclusively in your new smoothie business. Dec You open up a business bank account and deposit $910 from your personal bank account. Realizing your initial cash investment wont be enough, you borrow $2800 from your mom, depositing it into the business bank account. As part of the deal, you sign a one year note payable in the name of the business. In the hopes of generating some revenue, you pay $330 cash to advertise in the community newspaper. You buy supplies such as protein powder, cups, straws, and fresh fruit and vegetables, by paying $205 cash. You make and deliver your first batch of smoothies to Fred's Yoga Studio and you leave an invoice for $295 with the studio owner The invoice is payable within 30 days A S102 invoice is received for your business cell phone for cell service for the month of December 12 17 21 28 Fred's Yoga Studio pre-ordered another batch of smoothies and paid you a $120 cash advance on that order 29 To celebrate your firot month of operations, you buy yourself a 580 new yearn present using a business cheque, so that the money comes out of the business 30 bank account Instructions: a. Prepare journal entries to record the transactions. b. Post the entries to general ledger accounts. c. Prepare a Trial Balance as at December 31, 2020. The remainder of this project continues with the idea of a company like Sante Smoothies. However, you should choose your own unique company name. Note that the capital and drawings accounts will now be called "YourtastName, capital and "YourtastName, drawings". After researching the different forms of business organization, you decide to operate your business as a proprietorship. You then start the process of getting the business running. During the month of December 2020, the following activities take place: You purchase a commercial juicing machine, that costs $8s0 using money from your own personal bank account. The machine will be used exclusively in your new smoothie business. Dec You open up a business bank account and deposit $910 from your personal bank account. Realizing your initial cash investment wont be enough, you borrow $2800 from your mom, depositing it into the business bank account. As part of the deal, you sign a one year note payable in the name of the business. In the hopes of generating some revenue, you pay $330 cash to advertise in the community newspaper. You buy supplies such as protein powder, cups, straws, and fresh fruit and vegetables, by paying $205 cash. You make and deliver your first batch of smoothies to Fred's Yoga Studio and you leave an invoice for $295 with the studio owner The invoice is payable within 30 days A S102 invoice is received for your business cell phone for cell service for the month of December 12 17 21 28 Fred's Yoga Studio pre-ordered another batch of smoothies and paid you a $120 cash advance on that order 29 To celebrate your firot month of operations, you buy yourself a 580 new yearn present using a business cheque, so that the money comes out of the business 30 bank account Instructions: a. Prepare journal entries to record the transactions. b. Post the entries to general ledger accounts. c. Prepare a Trial Balance as at December 31, 2020.

Answer rating: 100% (QA)

Journal SI No Date Description Post Ref Debit Credit Juicing Machine 850 1 1Dec ... View the full answer