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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

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

FINANCIAL ACCOUNTING
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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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 ERNST CONSULTING Balance Sheet
Transcribed Image Text: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 ERNST CONSULTING Balance Sheet
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