Use the following information for the Exercises below. (Algo)Skip to question [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets in exchange for its common stock to launch the business. On December 31, the company’s records show the following items and amounts. Cash$ 10,200Cash dividends$ 2,340Accounts receivable15,200Consulting revenue15,200Office supplies3,550Rent expense3,910Office equipment18,310Salaries expense7,350Land45,990Telephone expense790Accounts payable8,740Miscellaneous expenses610Common stock84,310 Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.

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Description: Use the following information for the Exercises below. (Algo)Skip to question [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 i

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Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section: Chapter Questions

Problem 2.2AP

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Use the following information for the Exercises below. (Algo)

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[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 in exchange for its common stock to launch the business. On December 31, the company’s records show the following items and amounts.

Cash	$ 10,200	Cash dividends	$ 2,340
Accounts receivable	15,200	Consulting revenue	15,200
Office supplies	3,550	Rent expense	3,910
Office equipment	18,310	Salaries expense	7,350
Land	45,990	Telephone expense	790
Accounts payable	8,740	Miscellaneous expenses	610
Common stock	84,310

Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2

Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.

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