Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,220 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. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 13,840 Cash dividends 13,140 Consulting revenue 2,530 Rent expense 17,200 Salaries expense 45,840 Telephone expense 7,810 Miscellaneous expenses 83,220 Using the above information prepare a December income statement for the business. $ 1,280 13,140 2,770 6,120 820 630

Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,220 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. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 13,840 Cash dividends 13,140 Consulting revenue 2,530 Rent expense 17,200 Salaries expense 45,840 Telephone expense 7,810 Miscellaneous expenses 83,220 Using the above information prepare a December income statement for the business. $ 1,280 13,140 2,770 6,120 820 630

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Description: !Required information[The following information applies to the questions displayed below.]On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, theowner contributed $83,220 in assets in exchange for its common stock to launchthe bus

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

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Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
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The declaration, record, and payment dates in connection with a cash dividend of $659,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
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