December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 6,650 Cash withdrawals by owner $ 3,490 Accounts receivable 18,650 Consulting revenue 18,650 Office supplies 4,640 Rent expense 4,920 Land 46,000 Salaries expense

December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 6,650 Cash withdrawals by owner $ 3,490 Accounts receivable 18,650 Consulting revenue 18,650 Office supplies 4,640 Rent expense 4,920 Land 46,000 Salaries expense

Name: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3,
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Description: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash$ 6,650Cash withdrawals by owner$ 3

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

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Cash	$ 6,650	Cash withdrawals by owner	$ 3,490
Accounts receivable	18,650	Consulting revenue	18,650
Office supplies	4,640	Rent expense	4,920
Land	46,000	Salaries expense	8,500
Office equipment	19,560	Telephone expense	890
Accounts payable	9,890	Miscellaneous expenses	700
Owner investments	85,460

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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 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ***Can you please help me with what I am missing any why?
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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 Cash withdrawals by owner 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments 82,650 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 2$ 2$
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…
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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
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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
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 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 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement