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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Required information
Use the following information for the Exercises below. (Algo)
Skip to question
[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 |
|---|---|---|---|
| 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?
![f4
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
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F349d3b0c-450e-4833-ac09-7754e6255954%2F30973f1a-94da-4cf9-96eb-8e60efddd69e%2Feopuor8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:f4
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
Next >
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 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.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