Use the following information for the Exercises below Algo The following information applies to the questions displayed below On

Question

Use the following information for the Exercises below Algo The following information applies to the questions displayed below On December 1 Jasmin Ernst organized Ernst Consulting On December 3 the owner contributed 85 460 in assets in exchange for its common stock to launch the business On December 31 the company s records show the following ite and amounts Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Exercise 1 20 Algo Preparing a balance sheet LO P2 Assets 6 650 Cash dividends 18 650 Consulting revenue Rent expense 4 640 19 560 Salaries expense 46 000 Telephone expense 9 890 Miscellaneous expenses 85 460 Use the above information to prepare a December 31 balance sheet for Ernst Consulting Cash Accounts receivable Office supplies Office equipment Land ERNST CONSULTING Balance Sheet 6 650 Common stock 18 650 4 640 19 560 46 000 Accounts payable Equity Liabilities X S X XX 85 460 85 460 X X 3 490 18 650 4 920 8 500 X 9 890 X 890 700

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