On October 1, Ebony Ernst organized Ernst Consulting; on
October 3, the owner contributed $83,390 in assets to launch the business. On
October 31, the company’s records show the following items and amounts.
Cash $ 12,670 Cash dividends $ 2,000
Accounts receivable 13,320
Consulting revenues 13,320
Office supplies 2,720
Rent
expense 2,950
Land 45,910
Salaries expense 6,290
Office equipment 17,350
Telephone expense 830
Accounts payable 7,970
Miscellaneous
expenses 640
Common stock 83,390
Using the above information prepare an October statement of
retained earnings for Ernst Consulting.
Using the above information prepare an October 31 balance
sheet for Ernst Consulting.
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