Required information[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets tolaunch the business. On December 31, the company's records show the following items and amounts.CashAccounts receivableOffice suppliesLandOffice equipmentAccounts payableOwner investments$ 15,200 Cash withdrawals by owner12,410 Consulting revenue1,770 Rent expense46,080 Salaries expense16,450 Telephone expense6,060 Miscellaneous expenses82,650$ 46012,4102,1405,300750560Using the above information prepare a December income statement for the business.ERNST CONSULTINGIncome StatementFor Month Ended December 31RevenuesConsulting revenue$12,410Total revenues2$12,410ExpensesSalaries expense5,300Rent expense2,140Telephone expense750Miscellaneous expenses560

ERNST CONSULTING Income Statement For the month ended December 31 Revenue…

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 560 Cash withdrawals by owner Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue 12,410 Total revenues $ 12,410 Expenses Salaries expense 5,300 Rent expense 2,140 Telephone expense 750 Miscellaneous expenses 560

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 15,200 12,410 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 $ 460 12,410 2,140 5,300 750 560 Cash withdrawals by owner Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue 12,410 Total revenues $ 12,410 Expenses Salaries expense 5,300 Rent expense 2,140 Telephone expense 750 Miscellaneous expenses 560

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

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