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Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0.

Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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! 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 $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 Cash Cash withdrawals by owner Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $
Transcribed Image Text:! 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 $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 Cash Cash withdrawals by owner Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $
quired information e following information applies to the questions played below.] December 1, Jasmin Ernst organized Ernst Consulting. December 3, the owner contributed $82,650 in assets to nch the business. On December 31, the company's ords show the following items and amounts. $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 ash ccounts receivable ffice supplies and ffice equipment ccounts payable wner investments 560 ne above information prepare a December statement er's equity for Ernst Consulting. Hint. J. Ernst, Capital ember 1 was $0. ERNST CONSULTING Statement of Owner's Equity apital, December 1 2$
Transcribed Image Text:quired information e following information applies to the questions played below.] December 1, Jasmin Ernst organized Ernst Consulting. December 3, the owner contributed $82,650 in assets to nch the business. On December 31, the company's ords show the following items and amounts. $ 15,200 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 ash ccounts receivable ffice supplies and ffice equipment ccounts payable wner investments 560 ne above information prepare a December statement er's equity for Ernst Consulting. Hint. J. Ernst, Capital ember 1 was $0. ERNST CONSULTING Statement of Owner's Equity apital, December 1 2$
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