On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,110 in assets to launch the business. On December 31, the company’s records show the following items and amounts. Cash $ 14,550 Cash withdrawals by owner $ 1,120
Accounts receivable 12,940 Consulting revenue 12,940
Office supplies 2,400 Rent expense 2,640
Land 45,860 Salaries expense 5,920
Office equipment 17,020 Telephone expense 800
Accounts payable 7,820 Miscellaneous expenses 620
Owner investments 83,110