plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 82,650 Cash withdrawals by owner $ 460 12,410 2,140 5,300 750 Miscellaneous expenses 560 e a December it Consulting. Hint. $0. ity

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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plies to
N.]
organized
er 3, the
i assets to
ember 31,
the
$ 15,200
12,410 Consulting revenue
1,770
46,080
16,450 Telephone expense
6,060 Miscellaneous expenses
82,650
Cash withdrawals by owner
$ 460
12,410
Rent expense
Salaries expense
2,140
5,300
750
560
e a December
it Consulting. Hint.
$0.
ity
Transcribed Image Text:plies to N.] organized er 3, the i assets to ember 31, the $ 15,200 12,410 Consulting revenue 1,770 46,080 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 Cash withdrawals by owner $ 460 12,410 Rent expense Salaries expense 2,140 5,300 750 560 e a December it Consulting. Hint. $0. ity
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 with
$ 15,200
12,410 Consultin
1,770 Rent expe
46,080
16,450 Telephone
6,060 Miscellan
82,650
Cash
Accounts receivable
Office supplies
Land
Salaries
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
$
$
Transcribed Image Text: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 with $ 15,200 12,410 Consultin 1,770 Rent expe 46,080 16,450 Telephone 6,060 Miscellan 82,650 Cash Accounts receivable Office supplies Land Salaries 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 $ $
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