On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets
Question:
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets to launch the business. On October 31, the company’s records show the following items and amounts. Use this information to prepare an October income statement for the business.
Transcribed Image Text:
Cash Accounts receivable Office supplies .. Land Office equipment Accounts payable.. Owner investments $11,360 4,000 3,250 46,000 18,000 8,500 84,000 Cash withdrawals by owner Consulting fees earned 2,000 .14,000 3,550 .7,000 760 580 -.--. Salaries expense Telephone expense.... Miscellaneous expenses
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Revenues Consulting fees earned 14000 Expenses Sa...View the full answer
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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