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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 $85,050 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 7,950 17,450 4,200 46,010 19,060 9,430 85,050 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 17,450 4,530 8,090 880 690 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,750 cash and $29,025 of photography equipment in the company in exchange for common stock. 2 The company paid $2,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,283 cash. 20 The company received $2,800 cash in photography fees earned. 31 The company paid $884 cash for August utilities. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet The company paid $2,500 cash for an insurance policy covering the next 24 months. Note: Enter debits before credits. General Journal Debit Credit Date Aug 02 Record entry Clear entry View general journal Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,750 cash and $29,025 of photography equipment in the company in exchange for common stock. 2 The company paid $2,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,283 cash. 20 The company received $2,800 cash in photography fees earned. 31 The company paid $884 cash for August utilities. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet The company purchased office supplies for $1,283 cash. Note: Enter debits before credits. General Journal Debit Credit Date Aug 05 Record entry Clear entry View general journal Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,750 cash and $29,025 of photography equipment in the company in exchange for common stock. 2 The company paid $2,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,283 cash. 20 The company received $2,800 cash in photography fees earned. 31 The company paid $884 cash for August utilities. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet The company purchased office supplies for $1,283 cash. Note: Enter debits before credits. General Journal Debit Credit Date Aug 05 Record entry Clear entry View general journal Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,750 cash and $29,025 of photography equipment in the company in exchange for common stock. 2 The company paid $2,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,283 cash. 20 The company received $2,800 cash in photography fees earned. 31 The company paid $884 cash for August utilities. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet The company received $2,800 cash in photography fees earned. Note: Enter debits before credits. General Journal Debit Credit Date Aug 20 Record entry Clear entry View general journal Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,750 cash and $29,025 of photography equipment in the company in exchange for common stock 2 The company paid $2,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,283 cash. 20 The company received $2,800 cash in photography fees earned. 31 The company paid $884 cash for August utilities. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet The company paid $884 cash for August utilities. Note: Enter debits before credits. Date General Journal Debit Credit Aug 31 Record entry Clear entry View general journal
