On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash$ 6,650Cash withdrawals by owner$ 3,490Accounts receivable18,650Consulting revenue18,650Office supplies4,640Rent expense4,920Land46,000Salaries expense8,500Office equipment19,560Telephone expense890Accounts payable9,890Miscellaneous expenses700Owner investments85,460 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0.

Name: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3,
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash$ 6,650Cash withdrawals by owner$ 3

First we need to find net income for the month of December inorder to prepare statement of owners…

Answered: December 1, Jasmin Ernst organized…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company’s records show the following items and amounts.

Cash	$ 6,650	Cash withdrawals by owner	$ 3,490
Accounts receivable	18,650	Consulting revenue	18,650
Office supplies	4,640	Rent expense	4,920
Land	46,000	Salaries expense	8,500
Office equipment	19,560	Telephone expense	890
Accounts payable	9,890	Miscellaneous expenses	700
Owner investments	85,460

Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions