Required Informatlon[The following Information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in assets to launchthe business. On October 31, the company's records show the following items and amounts.Cash withdrawals by ownerConsulting revenueCash$14,8980930Accounts receivable12,82012,820Office supplies2,290Rent expense2,530Land45,960Salaries expense5,780Office equipmentAccounts payableTelephone expenseMiscellaneous expenses16,9007907,678610Owner investments83,010Using the above Information prepare an October Income statement for the business.ERN ST CON SULTINGIncome Statement Required Informatlon[The following Information applies to the questions displayed below.]On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 In assets to launchthe business. On October 31, the company's records show the following items and amounts.Cash$14,898Cash withdrawals by ownerConsulting revenue930Accounts receivable12,8202,5305,78012,820Office supplies2,290Rent expenseLand45,960Salaries expenseOffice equipmentTelephone expenseMiscellaneous expenses79016,9807,67083,010Accounts payable619Owner investmentsUsing the above Information prepare an October statement of owner's equlty for Ernst Consulting.ERN ST CONSULTINGStatement of Owner's Equity

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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 $83,010 In assets to launch the business. On October 31, the company's records show the following Items and amounts. Cash $14,890 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense 930 Accounts receivable 12,820 12,820 Office supplies 2,290 2,530 Land 45,960 5,780 790 Office equipment Accounts payable Telephone expense Miscellaneous expenses 16,900 7,670 610 Owner investments 83,010 Using the above Information prepare an October Income statement for the business. ERNST CONSULTING Income Statement

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 $83,010 In assets to launch the business. On October 31, the company's records show the following Items and amounts. Cash $14,890 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense 930 Accounts receivable 12,820 12,820 Office supplies 2,290 2,530 Land 45,960 5,780 790 Office equipment Accounts payable Telephone expense Miscellaneous expenses 16,900 7,670 610 Owner investments 83,010 Using the above Information prepare an October Income statement for the business. ERNST CONSULTING Income Statement

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 35E: Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance...

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Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
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Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
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Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.
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On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
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Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.
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