FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets to launch the business. On October 31, the company’s records show the following items and amounts. Use this information to prepare an October income statement for the business.

Cash....
$11,360
Cash withdrawals by owner.........
$ 2,000
Accounts receivable.
14,000
Consulting revenue.
14,000
Office supplies
3,250
Rent expense...
3,550
Land......
46,000
Salaries expense.
7,000
Office equipment .
18,000
Telephone expense..
760
Accounts payable.
8,500
Miscellaneous expenses.
580
Owner investments.
84,000
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Transcribed Image Text:Cash.... $11,360 Cash withdrawals by owner......... $ 2,000 Accounts receivable. 14,000 Consulting revenue. 14,000 Office supplies 3,250 Rent expense... 3,550 Land...... 46,000 Salaries expense. 7,000 Office equipment . 18,000 Telephone expense.. 760 Accounts payable. 8,500 Miscellaneous expenses. 580 Owner investments. 84,000
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