On oCtober 1, Ebony Ernst organized ernst consulting: on October 3, the owner co

Question

On oCtober 1, Ebony Ernst organized ernst consulting: on October 3, the owner contributed $83,220 in assets to launch the business. On October 31, the company records show the following items and amounts (above)

Use te information above to prepare n october income statement of the business.

Cash $13,840 Cash Withdrawls by Owner $1,280 Accounts Recievable $13,140 Consulting revenue $13,140 Office SuppLies $2,530 Rent Expense $2,770 Land $45,840 Salaries Expense $6,120 Office Equpment $17,200 Telephone expense $820 Accounts Payable $7810 Miscellaneous Expenses $630 Owner Investments $83,220

Explanation / Answer

Ernst Consulting Income Statement For Month Ended October 31 Revenue Consulting revenue $13,140 Total Revenue $13,140 Expenses Salaries Expense $6,120 Rent Expense $2,770 Telephone expense $820 Miscellaneous Expenses $630 Total Expenses $10,340 Net Income $2,800

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