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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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