On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650...
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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 companys records show the following items and amounts.
| Cash | $ 15,200 | Cash withdrawals by owner | $ 460 |
|---|---|---|---|
| Accounts receivable | 12,410 | Consulting revenue | 12,410 |
| Office supplies | 1,770 | Rent expense | 2,140 |
| Land | 46,080 | Salaries expense | 5,300 |
| Office equipment | 16,450 | Telephone expense | 750 |
| Accounts payable | 6,060 | Miscellaneous expenses | 560 |
| Owner investments | 82,650 |
Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0.
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