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X M Use the following information for exercise 15 to 18 LO P2 The following information applies to the questions displayed below] on October 3, the owner contributed $84,000 in assets to launch the business. On October 31, the companys records items and amounts. S2,000 14,000 3, 550 7,000 760 580 14,000 Consulting revenue Land 46, 000 Salaries 84, 000 xercise 1-15 Preparing an income statement LO P2 31
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Answer:

October Income statement is as follows:

ERNST CONSULTING Income Statement For Month Ended October 31 $14,000 Consulting Revenue Less, Expenses Salaries expense Rent expense Telephone expense Miscellaneous expense$580 $7,000 $3,550 $760 $11,890 $2,110 Total Expense Income

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