Reference no: EM132557126

Question - 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.

Cash $12,650

Cash withdrawals by owner $1,570

Accounts receivable 13,520

Consulting revenue 13,520

Office supplies 2,850

Rent expense 3,110

Land 45,940

Salaries expense 6,490

Office equipment 17,530

Telephone expense 850

Accounts payable 8,110

Miscellaneous expenses 660

Owner investments 83,540

Required -

1. Using the above information make a October income statement for the business.

2. Using the above information make a October statement of owner's equity for Ernst Consulting.

3. Using the above information make a October 31 balance sheet for Ernst Consulting.