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

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is