[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 13,520 Consulting revenue 13,520 Accounts receivable Office supplies Land 2,850 Rent expense 3,110 45,940 Salaries expense 6,490 850 17,530 Telephone expense Office equipment Accounts payable 8,110 Miscellaneous expenses. 660 Owner investments 83,540 Using the above information prepare an October statement of owner's equity for Ernst Consulting. ERNST CONSULTING Statement of Owner's Equity $ 0
[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash $12,650 Cash withdrawals by owner $ 1,570 13,520 Consulting revenue 13,520 Accounts receivable Office supplies Land 2,850 Rent expense 3,110 45,940 Salaries expense 6,490 850 17,530 Telephone expense Office equipment Accounts payable 8,110 Miscellaneous expenses. 660 Owner investments 83,540 Using the above information prepare an October statement of owner's equity for Ernst Consulting. ERNST CONSULTING Statement of Owner's Equity $ 0
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section: Chapter Questions
Problem 6AP
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