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 $84,920 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 $ 8,450 Cash withdrawals by owner 16,950 Consulting revenue 4,080 Rent expense 46,020 Salaries expense 18,860 Telephone expense 9,280 Miscellaneous expenses 84,920 $ 2,930 16,950 4,420 7,900 860 680 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

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 $84,920 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 $ 8,450 Cash withdrawals by owner 16,950 Consulting revenue 4,080 Rent expense 46,020 Salaries expense 18,860 Telephone expense 9,280 Miscellaneous expenses 84,920 $ 2,930 16,950 4,420 7,900 860 680 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet

Name: +awUse the following information for the Exercises below. (Algo)[The
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Description: +awUse 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 $84,920 in assets tolaun

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 5CP

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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 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 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: The owner’s initial investment consists of $36,880 cash and $46,010 in land. The company’s $16,780 equipment purchase is paid in cash. Cash paid to employees is $370. The accounts payable balance of…
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 $84,780 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 8,990 Cash dividends Consulting revenue Rent expense 16,540 3,930 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement $ 2,830 16,540 4,300 7,740 850 670
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 $83,390 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $ 13,210 13,320 2,720 Cash dividends Consulting revenue Rent expense 17,350 Salaries expense 45,910 Telephone expense 7,970 Miscellaneous expenses 83,390 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 $1,460 13,320 2,950 6,290 830 640
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 $84,780 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 ERNST CONSULTING Statement of Retained Earning $8,990 Cash dividends 16,540 Consulting revenue Rent expense 3,930 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. Retained earnings, December 1 $ $ 2,830 16,540 4,300 7,740 850 670 0
Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets to laune the business. On October 31, the company's records show the following items and amounts. $ 7,950 15,040 4,200 46,010 19,060 9,430 85,050 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 15,040 4,530 8,090 880 690 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments
Hi, I need help assembling the following journal entries. Thank you.
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 in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable. Office supplies Office equipment Land Accounts payable Common stock $ 15,140 Cash dividends 12,720 2,110 Consulting revenue Rent expense 16,780 Salaries expense 46,010 Telephone expense 7,360 Miscellaneous expenses 82,890 $830 12,720 2,380 5,620 780 600
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 $83,390 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies office equipment Land Accounts payable: Common stock ERNST CONSULTING Statement of Retained Earning Retained earings, December 11 $ 13,210 Cash dividends Consulting revenue 13,320 Rent expense Salaries expense 45,910 Telephone expense 7,970 Miscellaneous expenses 83,390 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. $ $ 2,720 17,350 .0 0 $ 1,460 13,320 2,950 6,290 830 640 0
Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets to launch the business. On October 31, the company's records show the following items and amounts. $ 7,950 15,040 4,200 46,010 19,060 9,430 85,050 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 15,040 4,530 8,090 880 690 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments
Make a Ledger in this problem Assume that on December 2, 2020. Mr. David Started DB Accounting Firm in Tagbina with the following assets as initial investments: PARTICULARS Cash 15,000 Computers 40,000 Furniture 50,000 Supplies 10,000 December 02 The business was registered with DTI, BIR, and Mayor’s permit spending P300, P500, and P1,200, respectively. 05 Acquired printer amounting to P10,000 for cash 15 Received electricity bill used by the business, P600. 15 Acquired computer chairs and tables on account, P10,000 payable within five days 20 Issued 3 months promissory note amounting to 10,000 to settle the obligation for acquiring computer chairs 21 Mr. David withdrew P1,000 for personal use. 23 Used supplies amounting to 8,000 26 Collected P50,000 for audit service to client 28 Billed P80,000 to the client for tax consultancy performed. 29 Transportation expense incurred and paid, P2,000 30 Provided 10% allowance for depreciation for the use of office equipment and…
Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Requirement: Journalize the transactions using the ff. accounts: Cash; Accounts Receivable; Equipment; Furniture and Fixtures, Accounts Payable; L. Rosales, Capital; Delivery Revenue; Gas and Oil Expense; Advertising Expense, Rent Expense, Salaries Expenses. Record the journal entries in journal sheets in proper format. The transactions for March 2021 of Lightning Package Delivery Company, owned by Lelong Rosales, are as follow: March 1: Opened the company with initial investment of P536,000 Cash. March 2: Paid P6,000 rent for March on a completely furnished building. March 5: Paid cash for delivery trucks, P220,000. March 9: Paid P2,200 for supplies received. March 12: Performed delivery services for customers P27,000 on account. March 15: Invested additional cash P105,200 March 20: Collected cash of P14,500 from customers on account (see March 12 entry). March 21: Received a bill and paid for P1,200 for advertising in the local newspaper March 27: Paid…