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. Õn December 31, the company's records show the following items and amounts. $12,650 Cash dividends 13,520 Consulting revenue 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 850 Cash Accounts receivable Office supplies Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable Common stock 660
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. Õn December 31, the company's records show the following items and amounts. $12,650 Cash dividends 13,520 Consulting revenue 2,850 45,940 17,530 8,110 83,540 $ 1,570 13,520 3,110 6,490 850 Cash Accounts receivable Office supplies Rent expense Salaries expense Telephone expense Miscellaneous expenses Land Office equipment Accounts payable Common stock 660
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter2: Basic Accounting Systems: Cash Basis
Section: Chapter Questions
Problem 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...
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