r 3 the owner c 84920 in assets in 2930 17000 7900 860 680 8

r 3, the owner c $84,920 in assets in 2,930 17,000 7,900 860 680 84,920 r 31

Solution

Income Statement For Month Ended October 31 Revenue Consulting Revenue    17,000.00 Expenses Rent Expense     4,420.00 Salaries Expense     7,900.00 Telephone Expense         860.00 Miscellaneous Expenses         680.00 Total Expenses    13,860.00 Net Income      3,140.00 ERNST Consulting Statement of Retained Earnings For Month Ended October 31 Beginning Balance - Oct 1                  -   Add: Net Income     3,140.00 Sub-total     3,140.00 Less: Cash Dividends (2,930.00) Ending Balance - Oct 31         210.00