On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 inassets to launch the business. On October 31, the company's records show the following items andamounts. Use this information to prepare an October income statement for the business.Cash.....$11,360Cash withdrawals by owner....$ 2,000Accounts receivable.14,000Consulting revenue..14,000Office supplies3,250Rent expense..Salaries expense..3,550Land.....46,0007,000Office equipment18,000Telephone expense.760Accounts payable.Owner investments..8,500Miscellaneous expenses.58084,000

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Answered: On October 1, Ebony Ernst organized…

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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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 $82,650 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 $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 560 Office equipment Accounts payable Owner investments Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $ Add: Investments by owner 82,650 Add: Net income 3,660 86,310 Less: Withdrawals by owner 460 J. Ernst, Capital, December 31 $ 85,850
On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. $12,650 13,520 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 Cash Cash dividends Accounts receivable Consulting revenue Office supplies Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable 850 660 Common stock
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 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 J. Ernst, Capital, December 11 Add: Net income Less: Not loss $9,390 Cash withdrawals by owner Consulting revenue 16,020 3,830 Rent expense 45,980 Salaries expense 18,550 Telephone expense 9,060 Miscellaneous expenses 84,580 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity $ S 0 2,600 2,600 $ 2,650 16,020 4,190 2.600 7,570 830 650
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 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
35. Best Graphics has the following accounts in its general ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; and Salaries Expense. Prepare general journal entries to record the following transactions: May 1 Shareholders invested $110,000 cash in exchange for stock. 2 Paid May rent, $5,300. 4 Purchased office equipment for $9,000, paying $3,000 cash, with the balance due on account in 60 days. 5 Purchased supplies on account, $2,300. 12 Billed clients for services, $5,800. 18 Collected $3,800 on account from clients. 19 Paid $1,500 on account to suppliers. 26 Paid $9,000 cash dividends. 31 Paid salaries for May, $3,200.
Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $26,000 cash. 2. Purchased $4,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,040 of supplies on hand. Required: Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting per c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Income statement Event Req B2 Balance sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. Note: Not all cells require input. Enter any decreases to account balances with a minus sign. Req B3 Statement of cash flows Cash…
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in assets to launch the business. On October 31, the company's records show the following items and amounts cash $9,390 cash withdrawals by owner $2,650 accounts receivable $14,620 consulting revenue $14,620 office supplies $3,830 rent expense $4,190 land $45,980 salaries expense $7,570 office equipment $18,550 telephone expense $830 accounts payable $9,060 miscellaneous expenses $650 Owner Investments $84,580 Using the above information prepare an October 31 balance sheet for Ernst Consulting ERNST CONSULTING Balance Sheet
Required Informatlon [The following Information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Cash $14,8980 930 Accounts receivable 12,820 12,820 Office supplies 2,290 Rent expense 2,530 Land 45,960 Salaries expense 5,780 Office equipment Accounts payable Telephone expense Miscellaneous expenses 16,900 790 7,678 610 Owner investments 83,010 Using the above Information prepare an October Income statement for the business. ERN ST CON SULTING Income Statement
The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,050. 15 Paid employee salaries $1,110. 17 Performed $570 of services in exchange for cash. 20 Paid $1,980 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $320. Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Utilities Expense
Krespy Corp. has a cash balance of $7,500 before the following transactions occur:- received customer payments of $965 supplies purchased on account $435 services worth $850 performed, 25% is paid in cash the rest will be billed corporation pays $275 for an ad in the newspaper bill is received for electricity used $235. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
Post to the general ledger

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