Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 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 ERNST CONSULTING Statement of Retained Earning Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. Retained earnings, December 1 $ 9,390 Cash dividends 16,020 Consulting revenue 3,830 Rent expense 18,550 Salaries expense 45,980 Telephone expense 9,060 Miscellaneous expenses 84,580 $ $ 2,650 16,020 4,190 7,570 830 650 0

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 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 ERNST CONSULTING Statement of Retained Earning Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. Retained earnings, December 1 $ 9,390 Cash dividends 16,020 Consulting revenue 3,830 Rent expense 18,550 Salaries expense 45,980 Telephone expense 9,060 Miscellaneous expenses 84,580 $ $ 2,650 16,020 4,190 7,570 830 650 0

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Description: Please do not give solution in image format thanku Required informationUse the following information for the Exercises below. (Algo)[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consu

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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