On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in...

 

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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 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 $ 12,650 Cash withdrawals by owner Consulting revenue Rent expense 13,520 2,850 45,940 Salaries expense 17,530 Telephone expense 8,110 Miscellaneous expenses 83,540 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. Jasmin Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity Jasmin Ernst, Capital, December 1 $ $ 1,570 13,520 3,110 6,490 850 660 0 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 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 $ 12,650 Cash withdrawals by owner Consulting revenue Rent expense 13,520 2,850 45,940 Salaries expense 17,530 Telephone expense 8,110 Miscellaneous expenses 83,540 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. Jasmin Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity Jasmin Ernst, Capital, December 1 $ $ 1,570 13,520 3,110 6,490 850 660 0