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

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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 3 of3 $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 01:41:00 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 31 balance sheet for Ernst Consulting Activate Windows to Settings to activate Windons Graw Hill Prev 26 of 26 Next > lype here to search

Explanation / Answer

BALANCE SHEET ASSETS AMOUNT LIABILITIES AMOUNT LONG TERM ASSET LAND 45940 OWNER INVESTMENT                  83540 OFFICE EQUIPMENT 17530 LESS: DRAWINGS                           - 1570 RESERVE & SURPLUS                      2410 84380 CURRENT ASSETS CASH 12650 CURRENT LIABILITIES ACCOUNTS RECEIVABLE 13520 ACCOUNTS PAYABLE 8110 OFFICE SUPPLIES 2850 TOTAL 92490 TOTAL 92490 PROFIT & LOSS PARTICULARS AMOUNT PARTICULARS AMOUNT RENT EXPENSE 3110 CONSULTING REVENUE 13520 SALARIES EXPENSE 6490 TELEPHONE EXPENSE 850 MISCELLANEOUS EXPENSE 660 NET PROFIT TRANSFERRED TO RESEVE AND SURPLUS 2410 TOTAL 13520 TOTAL 13520

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