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gryffindor14 · Oct 8, 2011, 06:14 AM

After researching the different forms of business organization, Natalie Koebel decides to operate ?Cookie Creations? As a proprietorship. She then starts the process of getting the business running. In November 2010, the following activities take place.

Nov. 8 - Natalie cashes her Savings Bonds and receives Php 26,000, which she deposits in her personal bank account.

Nov. 8 - She opens a bank account under the name ?Cookie Creations? And transfers Php 25,000 from her personal account to the new account.

Nov. 11 - Natalie pays Php 8,250 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise.

Nov. 13 - She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for Php 6,250 cash.

Nov. 14 - 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 Php 37500. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth Php 20,000.

Nov. 16 - Natalie realizes that her/ initial cash investment is not enough. Her grandmother lends her Php 100,000 cash, for which Natalie signs a note payable in the name of the business.

Nov. 16 - Natalie deposits the money in the business bank account.

Nov. 17 - She buys more baking equipment for Php 45,000 cash.

Nov. 20 - She teaches her first class and collects Php 6,250 cash.

Nov. 25 - Natalie books a second class for December 4 for Php 6,250. She receives Php 1,250 cash in advance as a down payment.

Nov. 30 - Natalie pays Php 66,000 for a one-year insurance policy that will expire on December 1, 2011.

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