Question
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,110 in assets to launch the business. On December 3, the
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,110 in assets to launch the business. On December 3, the owner contributed $83,110 in assets to launch the business. On December 31, the company's records show the following items and amounts.
Cash $ 14,550
Account receivable 12,940
Office supplies 2,400
Land 45,860
Office equipment 17,020
Account payable 7,820
Owner investments 83,110
Cash withdrawals by owner 1,120
Consulting revenue 12,940
Rent expense 2,640
Salaries expense 5,920
Telephone expense 800
Miscellaneous expenses 620
Exercise 1-19 (Algo) Preparing a statement of owner's equity LO P2
Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. J. Ernst, Capital on December 1 was $0
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