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…

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.

 Cash$11,360 Cash dividends$2,000Accounts receivable 14,000 Consulting revenue 14,000Office supplies 3,250 Rent expense 3,550Land 46,000 Salaries expense 7,000Office equipment 18,000 Telephone expense 760Accounts payable 8,500 Miscellaneous expenses 580Common Stock 84,000    

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