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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650...

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Accounting

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,650 in assets to launch the business. On December 31, the companys records show the following items and amounts.

Cash $ 15,200 Cash withdrawals by owner $ 460
Accounts receivable 12,410 Consulting revenue 12,410
Office supplies 1,770 Rent expense 2,140
Land 46,080 Salaries expense 5,300
Office equipment 16,450 Telephone expense 750
Accounts payable 6,060 Miscellaneous expenses 560
Owner investments 82,650

Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint: J. Ernst, Capital on December 1 was $0.

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