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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 $84,200 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. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $10,710 14,800 3,450 46,030 18,170 8,630 84,200 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,180 14,800 3,750 7,160 780 600 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 $11,750 cash and $50,525 of photography equipment in the company in exchange for common stock. 2 The company paid $2,700 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,233 cash. 20 The company received $3,300 cash in photography fees earned. 31 The company paid $874 cash for August utilities. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet 2 3 4 5 Madison Harris, the owner, invested $11,750 cash and $50,525 of photography equipment in the company in exchange for common stock. Note: Enter debits before credits. General Journal Debit 1 Credit Date Aug 01 Record entry Clear entry View general iournal View transaction list Journal entry worksheet 1 3 4 The company paid $2,700 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 generaliournal view transaction list Journal entry worksheet