Use the following information for the exercise (s) below LO P2 (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $84,780 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following it and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable. Common stock $ 8,990 Cash dividends Consulting revenue Rent expense 16,540 3,930 45,980 Salaries expense 18,660 Telephone expense 9,170 Miscellaneous expenses 84,780 $ 2,830 16,540 4,300 7,740 850 670
Use the following information for the exercise (s) below LO P2 (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $84,780 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following it and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable. Common stock $ 8,990 Cash dividends Consulting revenue Rent expense 16,540 3,930 45,980 Salaries expense 18,660 Telephone expense 9,170 Miscellaneous expenses 84,780 $ 2,830 16,540 4,300 7,740 850 670
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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hare.2
![Use the following information for the exercise(s) below LO P2 (Algo)
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $84,780 in assets in
exchange for its common stock to launch the business. On December 31, the company's records show the following it
and amounts.
Cash
Accounts receivable
Office supplies
Land
Office equipment
Accounts payable
Common stock
$ 8,990 Cash dividends
16,540 Consulting revenue
3,930 Rent expense
45,980 Salaries expense
18,660 Telephone expense
9,170 Miscellaneous expenses
84,780
$ 2,830
16,540
4,300
7,740
850
670](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8a793ff7-87e0-4fd0-a627-133ebc0c5bff%2F0772c99b-c778-4652-8da4-17a993b6b22e%2F0vz93z9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use the following information for the exercise(s) below LO P2 (Algo)
[The following information applies to the questions displayed below.]
On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $84,780 in assets in
exchange for its common stock to launch the business. On December 31, the company's records show the following it
and amounts.
Cash
Accounts receivable
Office supplies
Land
Office equipment
Accounts payable
Common stock
$ 8,990 Cash dividends
16,540 Consulting revenue
3,930 Rent expense
45,980 Salaries expense
18,660 Telephone expense
9,170 Miscellaneous expenses
84,780
$ 2,830
16,540
4,300
7,740
850
670
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