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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,660 in assets to launch the business. On October 31, the
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,660 in assets to launch the business. On October 31, the companys records show the following items and amounts. |
Cash | $ | 12,040 | Cash dividends | $ | 1,760 | |
Accounts receivable | 13,720 | Consulting fees earned | 13,720 | |||
Office supplies | 2,990 | Rent expense | 3,210 | |||
Land | 45,940 | Salaries expense | 6,690 | |||
Office equipment | 17,710 | Telephone expense | 870 | |||
Accounts payable | 8,230 | Miscellaneous expenses | 680 | |||
Common stock | 83,660 | |||||
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