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. $14,890 12,820 2,290 45,960 16,900 7,670 83,010 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 930 12,820 2,530 5,780 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments 790 610 sing the above information prepare an October statement of owner's equity for Ernst Consulting. ERNST CONSULTING Statement of Owner's Equity

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. $14,890 12,820 2,290 45,960 16,900 7,670 83,010 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 930 12,820 2,530 5,780 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments 790 610 sing the above information prepare an October statement of owner's equity for Ernst Consulting. ERNST CONSULTING Statement of Owner's Equity

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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Why might a business get a loan? Buy inventory Pay its taxes Buy a yacht Pay off another loan Any of the above
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A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Income Tax Payable UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest Payable WW Supplies X Interest Receivable XX Supplies Expense Y…
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