On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,160 in assets to launch the business. On December 31, the company’s records show the following items and amounts.
Cash $ 7,520 Cash withdrawals by owner $ 3,190
Accounts receivable 17,950 Consulting revenue 17,950
Office supplies 4,310 Rent expense 4,720
Land 46,000 Salaries expense 8,220
Office equipment 19,190 Telephone expense 900
Accounts payable 9,600 Miscellaneous expenses 710
Owner investments 85,160
