On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360 in...

 

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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Rent expense Cash $ 7,010 Accounts receivable 18,350 Office supplies 4,480 Land 46,040 Salaries expense Office equipment 19,360 Telephone expense Accounts payable 9,740 Miscellaneous expenses Owner investments 85,360 $ 3,390 18,350 4,820 8,370 910 720 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 $ 0 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Rent expense Cash $ 7,010 Accounts receivable 18,350 Office supplies 4,480 Land 46,040 Salaries expense Office equipment 19,360 Telephone expense Accounts payable 9,740 Miscellaneous expenses Owner investments 85,360 $ 3,390 18,350 4,820 8,370 910 720 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 $ 0