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Required information (The following information applies to the questions displayed below) On December 1, Jasmin Ernst organized Emst Consulting On December 3, the owner contributed $83,850 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 Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $11.50 Cash dividends 13,0a Consulting revenue 3,140 Rent expense 17,820 Salaries expense 46,00 Telephone expense 8,00 Miscellaneous expenses 83,050 $1,000 13,800 Use the above information to prepare a December 31 balance sheet for Ernst Consulting ERNST CONSULTING 3.390 6,318 810 610

Required information (The following information applies to the questions displayed below) On December 1, Jasmin Ernst organized Emst Consulting On December 3, the owner contributed $83,850 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 Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $11.50 Cash dividends 13,0a Consulting revenue 3,140 Rent expense 17,820 Salaries expense 46,00 Telephone expense 8,00 Miscellaneous expenses 83,050 $1,000 13,800 Use the above information to prepare a December 31 balance sheet for Ernst Consulting ERNST CONSULTING 3.390 6,318 810 610

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 $83,850 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. balance sheet needed !!! 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 $83,850 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 Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $ 11,580 Cash dividends 13,060 Consulting revenue 3,140 Rent expense 17,820 Salaries expense 46,020 Telephone expense 8,400 Miscellaneous expenses 83,058 $ 1,899 13,860 3,390 ERNST CONSULTING Balance Sheet 6,810 888 698 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
Transcribed Image Text:On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,850 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. balance sheet needed !!! 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 $83,850 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 Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $ 11,580 Cash dividends 13,060 Consulting revenue 3,140 Rent expense 17,820 Salaries expense 46,020 Telephone expense 8,400 Miscellaneous expenses 83,058 $ 1,899 13,860 3,390 ERNST CONSULTING Balance Sheet 6,810 888 698 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
4 s AN yap Land Accounts payable Common stock www 46,000 Telephone expense 8,400 Miscellaneous expenses 83,850 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet 0 $ 0 0 0 880 690
Transcribed Image Text:4 s AN yap Land Accounts payable Common stock www 46,000 Telephone expense 8,400 Miscellaneous expenses 83,850 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet 0 $ 0 0 0 880 690
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