Question
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,890 in assets in exchange for its common stock to launch
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,890 in assets in exchange for its common stock to launch the business. On October 31, the companys records show the following items and amounts. Cash $ 15,140 Cash dividends $ 830 Accounts receivable 10,500 Consulting revenue 10,500 Office supplies 2,110 Rent expense 2,380 Land 46,010 Salaries expense 5,620 Office equipment 16,780 Telephone expense 780 Accounts payable 7,360 Miscellaneous expenses 600 Common Stock 82,890 Using the above information prepare an October income statement for the business.
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