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

[The following information applies to the questions displayed below.]

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 in assets

to launch the business. On December 31, the company's records show the following items and amounts

Cash

Accounts receivable

Office supplies

Land

Office equipment

Accounts payable

Owner investments

$ 13,210 Cash withdrawals by owner

13.320 Consulting revenue

2.720

Rent expense

45,910

Salaries expense

17. 350

Telephone expense

7.970 Miscellaneous expenses

83.390

$ 1,460

13,320

2,950

6,290

830

640

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