Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $11,580 13, 860 3, 140 46,000 17,820 8, 400 83, 850 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,890 13, 860 3, 390 6, 860 880 690 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting $ Assets Cash Accounts receivable Land ERNST CONSULTING Balance Sheet As of October 31 Liabilities 11,580 Accounts payable 13,860 46.000 17.820 Equity 3.140 Emst, Capital 8,400 8,400 Office equipment Office supplies mences 84,000 Total assets S 92.400 Frotal liabilities and equity $ 92,400