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Business, 28.02.2020 00:21 Alexis3456829

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,160 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts. Retained earnings, October 1 as $0.Cash $7,520 Cash dividends 3,190Accounts receivable 18,000 Consulting revenue 18,000Office supplies 4,310 Rent expense 4,720Land 46,000 Salaries expense 8,220Office equipment 19,190 Telephone expense 900Accounts payable 9,600 Miscellaneous expense 710Common Stock 85,160Using the above information prepare an October income statement for the business.

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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,160 in...

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