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vin December 1, jasIIN ETTISL Viyamizeu EITISL CONSuiliny. Vin December 3, the witer contributed exchange for its common stock to launch the business. On December 31, the company's records s and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare Assets $12,650 13,520 2,850 Cash Accounts receivable Office supplies Office equipment Land Cash dividends Consulting revenue Rent expense 17,530 Salaries expense 45,940 Telephone expense 8,110 Miscellaneous expenses 83,540 ERNST CONSULTING Balance Sheet December 31 $ 92,490 December 31 balance sheet for Ernst Consulting. $ 12,650 Accounts payable 13,520 2,850 17,530 45,940 Common stock Retained earnings Total equity Liabilities Equity $ $ 8,110 8,110 83,540 840 $ 1,570 13,520 3,110 6,490 850 660 84,380 92,490

vin December 1, jasIIN ETTISL Viyamizeu EITISL CONSuiliny. Vin December 3, the witer contributed exchange for its common stock to launch the business. On December 31, the company's records s and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare Assets $12,650 13,520 2,850 Cash Accounts receivable Office supplies Office equipment Land Cash dividends Consulting revenue Rent expense 17,530 Salaries expense 45,940 Telephone expense 8,110 Miscellaneous expenses 83,540 ERNST CONSULTING Balance Sheet December 31 $ 92,490 December 31 balance sheet for Ernst Consulting. $ 12,650 Accounts payable 13,520 2,850 17,530 45,940 Common stock Retained earnings Total equity Liabilities Equity $ $ 8,110 8,110 83,540 840 $ 1,570 13,520 3,110 6,490 850 660 84,380 92,490

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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un December 1, Jasmiin Ennist viyamiztu ENISL COnsuniny. Vn December 3, the owner Comitibuleu ↓ exchange for its common stock to launch the business. On December 31, the company's records sh and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Exercise 1-20 (Algo) Preparing a balance sheet LO P2 $ 12,650 Cash dividends 13,520 Consulting revenue 2,850 Rent expense 17,530 Salaries expense 45,940 Telephone expense 8,110 Miscellaneous expenses 83,540 Assets Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Cash Accounts receivable Office supplies Office equipment Land ERNST CONSULTING Balance Sheet December 31 $ 12,650 Accounts payable 13,520 2,850 17,530 45,940 Common stock $ 92,490 Retained earnings Total equity Liabilities Equity $ 8,110 8,110 83,540 840 $ 1,570 13,520 3,110 6,490 850 660 84,380 92,490
Transcribed Image Text:un December 1, Jasmiin Ennist viyamiztu ENISL COnsuniny. Vn December 3, the owner Comitibuleu ↓ exchange for its common stock to launch the business. On December 31, the company's records sh and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Exercise 1-20 (Algo) Preparing a balance sheet LO P2 $ 12,650 Cash dividends 13,520 Consulting revenue 2,850 Rent expense 17,530 Salaries expense 45,940 Telephone expense 8,110 Miscellaneous expenses 83,540 Assets Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Cash Accounts receivable Office supplies Office equipment Land ERNST CONSULTING Balance Sheet December 31 $ 12,650 Accounts payable 13,520 2,850 17,530 45,940 Common stock $ 92,490 Retained earnings Total equity Liabilities Equity $ 8,110 8,110 83,540 840 $ 1,570 13,520 3,110 6,490 850 660 84,380 92,490
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