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

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter1: Introduction To Accounting And Business
Section: Chapter Questions
Problem 3BE: Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...
icon
Related questions
Question
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
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
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage