On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 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 eamings, October 1 as $0. $ 9, 390 16,020 3,830 45,980 18,550 9,060 84,580 $ 2,650 16,820 4,190 7,570 830 Cash dividends Cash Accounts receivable Office supplies Land office equipment Accounts payable Common stock Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 650 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting.
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 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 eamings, October 1 as $0. $ 9, 390 16,020 3,830 45,980 18,550 9,060 84,580 $ 2,650 16,820 4,190 7,570 830 Cash dividends Cash Accounts receivable Office supplies Land office equipment Accounts payable Common stock Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 650 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting.
Financial And Managerial Accounting
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ISBN:9781337902663
Author:WARREN, Carl S.
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![[The following information applies to the questions displayed below.]
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 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 eamings, October 1 as $0.
$ 9,390
16,020
3,830
45,980
18,550
9,060
84,580
Cash dividends
Consulting revenue
Rent expense
Salaries expense
Telephone expense
Miscellaneous expenses
$ 2,650
16,820
4,190
7,570
830
650
Cash
Accounts receivable
Office supplies
Land
office equipment
Accounts payable
Common stock
Exercise 1-17 Preparlng a balance sheet LO P2
Using the above information prepare an October 31 balance sheet for Ernst Consulting.
ERNST CONSULTING
Balance Sheet
2$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc6dca6b4-6777-493a-bb1f-e04df0ce194e%2Fd7b6ded6-9352-49f7-bf72-eb5f73227048%2Ff301fk8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 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 eamings, October 1 as $0.
$ 9,390
16,020
3,830
45,980
18,550
9,060
84,580
Cash dividends
Consulting revenue
Rent expense
Salaries expense
Telephone expense
Miscellaneous expenses
$ 2,650
16,820
4,190
7,570
830
650
Cash
Accounts receivable
Office supplies
Land
office equipment
Accounts payable
Common stock
Exercise 1-17 Preparlng a balance sheet LO P2
Using the above information prepare an October 31 balance sheet for Ernst Consulting.
ERNST CONSULTING
Balance Sheet
2$
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