Prepare the journal entries for each of these transactions.
Instructions:
In a Word document, answer the questions posed by Natalie and Curtis above.
In an Excel spreadsheet, prepare the journal entries required on November 1, 2020, the date when Natalie and Curtis transfer the assets of their respective businesses into Cookie & Coffee Creations Inc.
Assume that Cookie & Coffee Creations Inc. issues 1,000 $0.50 noncumulative preferred shares to Curtis’s dad and the same number to Natalie’s grandmother—in both cases for $5,000. Also assume that Cookie & Coffee Creations Inc. issues 750 common shares to its lawyer.
Prepare the journal entries for each of these transactions. They all occurred on November 1. Prepare the opening balance sheet for Cookie & Coffee Creations Inc. as of November 1, 2020, including the journal entries in (b) and (c) above.
Provide your responses to Natalie and Curtis’s two questions in a Word document, which should be a minimum of one page in length. Complete the accounting for items b–d in one Excel spreadsheet; you may use multiple tabs to organize your response. In summary, you will submit one Word document containing item a and one Excel spreadsheet containing items b–d.
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Answer preview to prepare the journal entries for each of these transactions.
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