On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On December

On December 1, Jasmin Ernst organized
Ernst Consulting. On December 3, the
owner contributed $83,540 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: $12,650
Accounts Recieveable: $13,520 Office
Supplies: $2,850 Office Equipment:
$17,530 Land: $45,940 Accounts Payable:
$8,110 Common Stock: $83,540 Cash

Dividends: $1,570 Consulting Revenue:
$13,520 Rent Expense: $3,110 Salaries
Expense: $6,490 Telephone Expense:
$850 Miscellaneuos Expense: $660
Using the above information develop a
December statement of owner’s equity
for Ernest Consulting. Hint: J. Ernest,
Capital on December 1 was $0.

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