On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 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 Accounts receivable. office supplies. Office equipment Land Accounts payable Common stock $ 10,200 Cash dividends 15,200 3,550 18,310 45,990 8,740 Miscellaneous expenses 84,310 Consulting revenue Rent expense Salaries expense Telephone expense $ 2,340 15,200 3,910 7,350 790 610 Also assume the following: a. The owner's initial investment consists of $38,320 cash and $45,990 in land in exchange for its common stock. b. The company's $18,310 equipment purchase is paid in cash. c. Cash paid to employees is $2,160. The accounts payable balance of $8,740 consists of the $3,550 office supplies purchase and $5,190 in employee salaries yet to be paid. d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. A e. No cash has yet been collected on the $15,200 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. Note: Cash outflows should be indicated by a minus sign.

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 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 Accounts receivable. office supplies. Office equipment Land Accounts payable Common stock $ 10,200 Cash dividends 15,200 3,550 18,310 45,990 8,740 Miscellaneous expenses 84,310 Consulting revenue Rent expense Salaries expense Telephone expense $ 2,340 15,200 3,910 7,350 790 610 Also assume the following: a. The owner's initial investment consists of $38,320 cash and $45,990 in land in exchange for its common stock. b. The company's $18,310 equipment purchase is paid in cash. c. Cash paid to employees is $2,160. The accounts payable balance of $8,740 consists of the $3,550 office supplies purchase and $5,190 in employee salaries yet to be paid. d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. A e. No cash has yet been collected on the $15,200 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. Note: Cash outflows should be indicated by a minus sign.

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Description: ces[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets inexchange for its common stock to launch the business. On Decembe

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 3AP

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Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
Janus Company had the following journal entry: Debit Credit Cash $30,000 Common Stock $30,000 From this entry, we can determine that Janus: a Purchased $30,000 of another company’s common stock b Repurchased $30,000 of their own common stock. c Issued $30,000 of their own common stock d urchased $30,000 of Investments.
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The declaration, record, and payment dates in connection with a cash dividend of $101,600 on a corporation’s common stock are January 12, March 13, and April 12. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess…
ces Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,990 16,540 3,930 45,980 18,660 9,170 84,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses ERNST CONSULTING Statement of Retained Earnings Using the above information prepare an October statement of retained earnings for Ernst Consulting. $ 2,830 16,540 4,300 7,740 850 670 S
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