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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

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Required information

Use the following information for the Exercises below. (Algo)

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[The following information applies to the questions displayed below.]

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 in assets to launch the business. On December 31, the company’s records show the following items and amounts.

Cash	$ 15,140	Cash withdrawals by owner	$ 830
Accounts receivable	12,720	Consulting revenue	12,720
Office supplies	2,110	Rent expense	2,380
Land	46,010	Salaries expense	5,620
Office equipment	16,780	Telephone expense	780
Accounts payable	7,360	Miscellaneous expenses	600
Owner investments	82,890

Exercise 1-20 (Algo) Preparing a balance sheet LO P2

Use the above information to prepare a December 31 balance sheet for Ernst Consulting.

***Can you please help me with what I am missing any why?

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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 $82,890 in assets
to launch the business. On December 31, the company's records show the following items and amounts.
Cash
Accounts receivable
Office supplies
Land
Office equipment
Accounts payable
Owner investments
Exercise 1-20 (Algo) Preparing a balance sheet LO P2
$ 15,140 Cash withdrawals by owner
12,720 Consulting revenue
2,110 Rent expense
46,010 Salaries expense
16,780 Telephone expense
7,360 Miscellaneous expenses
82,890
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
Assets
Cash
Accounts receivable
Office supplies
Land
Office equipment
Total assets
ERNST CONSULTING
Balance Sheet
✓$ 15,140
12,720
2,110
46,010
16,780
X Answer is not complete.
✓$ 92,760
Accounts payable
Total liabilities
Liabilities
Jasmin Ernst, Capital
DETENIDO
Owner investments
Prev
Equity
Total liabilities and equity
ANALINA
5 6
✓$
+x
$
of 6
$
7,360
7,360
85,400
$ 830
12,720
2,380
5,620
780
600
92,760
Retu
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