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The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized...

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Accounting

The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,360 in assets in exchange for its common stock to launch the business. On October 31, the companys records show the following items and amounts. Retained earnings, October 1 as $0.

Cash $ 7,010 Cash dividends $ 3,390
Accounts receivable 18,350 Consulting revenue 18,350
Office supplies 4,480 Rent expense 4,820
Land 46,040 Salaries expense 8,370
Office equipment 19,360 Telephone expense 910
Accounts payable 9,740 Miscellaneous expenses 720
Common stock 85,360

Exercise 1-16 Preparing a statement of retained earnings LO P2

Using the above information prepare an October statement of retained earnings for Ernst Consulting. image

Options for the left columns

image

ERNST CONSULTING Statement of Retained Earnings ERNST CONSULTING Statement of Retained Earnings Accounts payable Accounts receivable Cash Cash dividends

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