Connect CSecure httpnewconnectmheducstion.com/fow/connect.htm Test 4 - Fall, 201

Question

Connect CSecure httpnewconnectmheducstion.com/fow/connect.htm Test 4 - Fall, 2017 Help Save & Exit Submit Savec Required information [The following Information applies to the questions displayed below. On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets to launch the business. On October 31, the company's records show the following items and amounts. Part 1 of 3 $12,650 Cash withdrawals by owner Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $ 1,570 13,520 3,110 6,490 850 660 01:43:30 13,520 Consulting revenue 2,850 Rent expense 45,940 Salaries expense 17,530 Telephone expense 8,110 Miscellaneous expenses 83,548 Using the above informatlon prepare an October Income statement for the business Activate Windows Graw Hill to Settings to activate Windons lype here to search

Explanation / Answer

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All the revenue and expenses accounts are transferred to the income statement

Income statement

Consulting Revenue

13520

- Rent Exp

3110

- Salary Exp

6490

- Telephone Exp

850

-Misc Exp

660

Net Income

2410

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Income statement

Consulting Revenue

13520

- Rent Exp

3110

- Salary Exp

6490

- Telephone Exp

850

-Misc Exp

660

Net Income

2410

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