My first iPhone application is approved and went live tonight! It is a coloring book application for kids. Once I submitted the application, the approval did not take that long (9 days). However changing from an individual to a company account in ITunes Connect took over 1 month. Anyways now that my account is set up properly, it should hopefully be faster to submit new applications.
A friend of mine came up with the original idea and also provided me with 10 of the original drawings. My dear wife, Oya Karatal, helped with coloring the drawings and picking the colors for the color palette. And I did the programming.