The following information applies to the questions displayed below] On October 1

Question

The following information applies to the questions displayed below] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 in assets to laun the business. On October 31, the company's records show the following items and amounts s by Cash Accounts receivable office supplies Land Office equipment Accounts payable S 13,840 Cash wit 13,140 Consulting revenue 2,530 Rent expense 45,840 Salaries expense 17,200 Telephone expense owner1,280 13,148 2,778 6,120 820 630 7,810 Miscellaneous expenses 83,220 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet of 8E Next >

Explanation / Answer

ERNST CONSULTING ($)

BALANCE SHEET

Calculation of Net income -

Calculation of Capital :-

Capital 83,220

Add  Net income 2,800

86,020

Less drawings 1,280

Net capital 84,740

Liabilities Assets   

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