[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,780 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 $ 15,760 Cash withdrawals by owner 12,590 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 1,960 46,030 16,580 7,250 82,780 ng the above information prepare a December income $ 640 12,590 2,270 5,450 for the business 760 580

[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,780 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 $ 15,760 Cash withdrawals by owner 12,590 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 1,960 46,030 16,580 7,250 82,780 ng the above information prepare a December income $ 640 12,590 2,270 5,450 for the business 760 580

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Description: Required information[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,780 in assets tolaunch the business. On December 31, the compan

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1PA: Provide journal entries to record each of the following transactions. For each, also identify *the...

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Required information [The following information applies to the questions displayed below.] Roth Incorporated experienced the following transactions for Year 1, its first year of operations: Issued common stock for $80,000 cash. Purchased $235,000 of merchandise on account. Sold merchandise that cost $164,000 for $326,000 on account. Collected $274,000 cash from accounts receivable. Paid $220,000 on accounts payable. Paid $46,000 of salaries expense for the year. Paid other operating expenses of $35,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule. Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $31,200 0.01 0 to 30 13,000 0.05 31 to 60 2,600 0.10 61 to 90 2,600 0.20 Over 90 days 2,600 0.50 Required a. Record the given transactions in general journal form and post to T-accounts. Record the given transactions in general journal form. Record entry…
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