es 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 $ 13,210 Cash dividends Accounts receivable 13,320 Consulting revenue Office supplies 2,720 Rent expense Office equipment Land 17,350 Salaries expense 45,910 Telephone expense Accounts payable Common stock 7,970 Miscellaneous expenses 83,390 $ 1,460 13,320 2,950 6,290 830 640 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet
es 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 $ 13,210 Cash dividends Accounts receivable 13,320 Consulting revenue Office supplies 2,720 Rent expense Office equipment Land 17,350 Salaries expense 45,910 Telephone expense Accounts payable Common stock 7,970 Miscellaneous expenses 83,390 $ 1,460 13,320 2,950 6,290 830 640 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet
Chapter3: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 1BCRQ
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Transcribed Image Text:es
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
$ 13,210
Cash dividends
Accounts receivable
13,320
Consulting revenue
Office supplies
2,720
Rent expense
Office equipment
Land
17,350
Salaries expense
45,910 Telephone expense
Accounts payable
Common stock
7,970 Miscellaneous expenses
83,390
$ 1,460
13,320
2,950
6,290
830
640
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
ERNST CONSULTING
Balance Sheet
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