Preparing December 31 Balance Sheet for Ernst Consulting:

M Question 10 - Ch 1.7 Homework - Connect Hint as hint #0 h di sult t ex arie pho cell On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $71,500 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Use this information to prepare a December 31 balance sheet for Ernst Consulting. Cash $11,250 Cash dividends $2,000 Accounts receivable 25,000 Consulting revenues 25,000 31 b Office supplies 1,200 Rent expense 4,500 Land 28,000 Salaries expense 10,000 Office equipment 18,000 Telephone expense 850 Accounts payable Miscellaneous expenses 700 ING 5,000 Common stock 71,500 Ernst Consulting 31 Balance Sheet December 31 Assets Liabilities ayab Cash $11,250 Accounts payable $5.000 Accounts receivable 25,000 Total liabilities 5,000 Office supplies 1,200 Land 28,000 Equity Office equipment 18.000 Common stock 71,500 Retained earnings 6.950 Total equity 78.450 stock Total Assets $83,450 Total Liabilities and Equity $83,450 arnin ties a CC 30s lucatio 1:37 / 1:39 1x Mccaw