Aunt Connies Cookies
Per our previous discussion, the following is a summary of the November 1986 transactions that occurred during the initial start up of Aunt Connie's Cookie Company.
1. Initially the company purchased oven and kitchen equipment for $20,000. This is listed under the assets category of the November Balance sheet. The money in your cash account was also decreased by $20,000 as a result of this purchase.
2. In addition, in November office equipment was purchased on account from Trevor Depot for $15,000. The equipment listed under assets on the balance sheet increased by $15,000 bringing the equipment assets to 35,000. The company will owe $15,000 as shown under accounts payable until the equipment is paid for.
3. A cash payment of 15,000 was spent to obtain baking ingredients needed to fulfill orders. This transaction increases the company's property and is shown as an asset to the company. However, the cash account is reduced by that same amount.
4. Later in November, the......
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