On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000...
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Accounting
On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 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. Use this information to prepare the company's Income Statement, Statement of Retained Earnings, and Balance Sheet for the month of October. (Retained earnings, as of October 1, are $0.)
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