Exercise 1-16 Preparing a balance sheet LO P2

On October 1, Natalie King organized Real Solutions, a new consulting firm. On October 31, the company's records show the following items and amounts.

Cash	$	3,000		Cash dividends	$	3,360
Accounts receivable		17,000		Consulting fees earned		19,000
Office supplies		6,375		Rent expense		3,420
Land		36,000		Salaries expense		7,600
Office equipment		28,000		Telephone expense		660
Accounts payable		11,250		Miscellaneous expenses		680
Common stock		75,845

Using the above information prepare an October 31 balance sheet for Real Solutions.