Required information [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 Cash withdrawals by owner $14,890 12,820 2,290 45,968 16,980 7,678 83,010 938 Accounts receivable Office supplies Consulting revenue Rent expense Salaries expense 12,820 2,530 5,780 Land Office equipment Telephone expense Miscellaneous expenses 790 Accounts payable 610 Owner investments ng the above Information prepare an October 31 balance sheet for Ernst Consulting.
Required information [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 Cash withdrawals by owner $14,890 12,820 2,290 45,968 16,980 7,678 83,010 938 Accounts receivable Office supplies Consulting revenue Rent expense Salaries expense 12,820 2,530 5,780 Land Office equipment Telephone expense Miscellaneous expenses 790 Accounts payable 610 Owner investments ng the above Information prepare an October 31 balance sheet for Ernst Consulting.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Requlred 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
$14,890
Cash withdrawals by owner
Consulting revenue
930
Accounts receivable
12,820
12,820
Office supplies
2,290
Rent expense
2,530
Land
45,960
Salaries expense
Telephone expense
Miscellaneous expenses
5,780
Office equipment
Accounts payable
16,900
790
7,670
610
Owner investments
83,010
Using the above Information prepare an October 31 balance sheet for Ernst Consulting.
ERNST CONSULTING
Balance Sheet](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2F68690156-1917-4a40-aefb-ee39e37d1e1a%2Ffbn2rx_processed.png&w=3840&q=75)
Transcribed Image Text:Requlred 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
$14,890
Cash withdrawals by owner
Consulting revenue
930
Accounts receivable
12,820
12,820
Office supplies
2,290
Rent expense
2,530
Land
45,960
Salaries expense
Telephone expense
Miscellaneous expenses
5,780
Office equipment
Accounts payable
16,900
790
7,670
610
Owner investments
83,010
Using the above Information prepare an October 31 balance sheet for Ernst Consulting.
ERNST CONSULTING
Balance Sheet
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education