!Required InformationUse the following information for exercise 15 to 18 LO P2[The following information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets inexchange for its common stock to launch the business. On October 31, the company's records show the following itemsand amounts. Retained earnings, October 1 as $0.CashAccounts receivableOffice supplies$12,65013,5202,85045,94017,5308,11083,540$ 1,57013,5203,1106,490Cash dividendsConsulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expensesLand850Office equipmentAccounts payable660Common stockExercise 1-17 Preparing a balance sheet LO P2Using the above information prepare an October 31 balance sheet for Ernst Consulting.ERNST CONSULTINGBalance Sheet< Prev4of 5Next > office8,11083,540Miscellaneous expensesAccounts payableCommon stockExercise 1-17 Preparing a balance sheet LO P2Using the above information prepare an October 31 balance sheet for Ernst Consulting.ERNST CONSULTINGBalance Sheet

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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. $ 1,570 13,520 3,110 6,490 850 Cash dividends Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $12,650 13,520 2,850 45,940 17,530 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 8,110 660 83,540

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. $ 1,570 13,520 3,110 6,490 850 Cash dividends Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $12,650 13,520 2,850 45,940 17,530 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 8,110 660 83,540

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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