On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 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 $ 8,450 Cash dividends 16,950 Consulting revenue 4,080 Rent expense 18,860 Salaries expense 46,020 Telephone expense 9,280 Miscellaneous expenses 84,920 $ 2,930 16,950 4,420 7,900 860 680

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 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 $ 8,450 Cash dividends 16,950 Consulting revenue 4,080 Rent expense 18,860 Salaries expense 46,020 Telephone expense 9,280 Miscellaneous expenses 84,920 $ 2,930 16,950 4,420 7,900 860 680

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...

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