Use the information in Exercise to prepare an October statement of owners equity for Ernst Consulting. In Exercise, On October 1, Ebony Ernst organized Ernst

Use the information in Exercise to prepare an October statement of owner’s equity for Ernst Consulting.

In Exercise, 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.

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