Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 $ 11,360 Cash dividends 14,000 Consulting revenue Rent expense 3,250 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580

Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 $ 11,360 Cash dividends 14,000 Consulting revenue Rent expense 3,250 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580

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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