37:54!Required information[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 in assets tolaunch the business. On December 31, the company's records show the following items and amounts.CashAccounts receivableOffice suppliesLandOffice equipmentAccounts payableOwner investments$ 9,75015,620Cash withdrawals by ownerConsulting revenue3,710Rent expense45,970 Salaries expense18,450 Telephone expense8,900 Miscellaneous expenses84,470Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. Jasmin Ernst, Capital onDecember 1 was $0.ERNST CONSULTINGStatement of Owner's EquityJasmin Ernst, Capital, December 1$$ 2,53015,6204,0707,4508106300

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Description: 37:54!Required information[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 in assets tolaunch the business. On December 31, the

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Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $ 9,750 Cash withdrawals by owner 15,620 3,710 Consulting revenue Rent expense 45,970 Salaries expense 18,450 Telephone expense Miscellaneous expenses 8,900 84,470 $ 2,530 15,620 4,070 7,450 810 630 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. Jasmin Ernst, Capital on December 1 was $0.

Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $ 9,750 Cash withdrawals by owner 15,620 3,710 Consulting revenue Rent expense 45,970 Salaries expense 18,450 Telephone expense Miscellaneous expenses 8,900 84,470 $ 2,530 15,620 4,070 7,450 810 630 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. Jasmin Ernst, Capital on December 1 was $0.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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