W Nov. 8 8 11 11 13 14 16 Natalie cashes her U.S. Savings Bonds and...

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W Nov. 8 8 11 11 13 14 16 Natalie cashes her U.S. Savings Bonds and receives $630, which she deposits in her personal bank account. She opens a bank account under the name "Cookie Creations" and transfers $610 from her personal account to the new account. Natalie pays $80 for advertising. She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $155 cash. (Hint: Use Supplies account.) 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 $920. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $400. She invests the equipment in the business. Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $3,000 cash, for which Natalie signs a note payable in the name of the business. Natalie deposits the money in the business bank account. (Hint: The note does not have to be repaid for 24 months. As a result, the note payable should be reported in the accounts as the last liability and also on the balance sheet as the last liability.) 17 She buys more baking equipment for $1,100 cash. 20 She teaches her first class and collects $155 cash. 25 Natalie books a second class for December 4 for $180. She receives $40 cash in advance as a down payment. 30 Natalie pays $1,610 for a one-year insurance policy that will expire on December 1, 2022. It is the end of November, and Natalie has been in touch with her grandmother. Her grandmother asked Natalie how well things went in her first month of business. Natalie, too, would like to know if she has been profitable or not during November. Natalie realizes that in order to determine Cookie Creations' income, she must first make adjustments. Natalie puts together the following additional information. W Nov. 8 8 11 11 13 14 16 Natalie cashes her U.S. Savings Bonds and receives $630, which she deposits in her personal bank account. She opens a bank account under the name "Cookie Creations" and transfers $610 from her personal account to the new account. Natalie pays $80 for advertising. She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $155 cash. (Hint: Use Supplies account.) 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 $920. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $400. She invests the equipment in the business. Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $3,000 cash, for which Natalie signs a note payable in the name of the business. Natalie deposits the money in the business bank account. (Hint: The note does not have to be repaid for 24 months. As a result, the note payable should be reported in the accounts as the last liability and also on the balance sheet as the last liability.) 17 She buys more baking equipment for $1,100 cash. 20 She teaches her first class and collects $155 cash. 25 Natalie books a second class for December 4 for $180. She receives $40 cash in advance as a down payment. 30 Natalie pays $1,610 for a one-year insurance policy that will expire on December 1, 2022. It is the end of November, and Natalie has been in touch with her grandmother. Her grandmother asked Natalie how well things went in her first month of business. Natalie, too, would like to know if she has been profitable or not during November. Natalie realizes that in order to determine Cookie Creations' income, she must first make adjustments. Natalie puts together the following additional information.

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1 Natalie cashes her US Savings Bonds and receives 630 which she deposits into her personal bank account Adjustment This transaction is not related to ... View the full answer