Return to question exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. $ 2,000 14,000 Graw Hill Cash Accounts receivable Office supplies Land Office equipment Accounts payable Conunon stock $11,360 14,000 3,250 46,000 18,000 8,500 84,000 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 3,550 7,000 760 580 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. @ Answer is not complete. ERNST CONSULTING Balance Sheet As of October 31 Liabilities Assets Cash Accounts receivable Office supplies Office equipment Land Total assets $ 11 ,360 Accounts payable e 14,000 3,250 Total liabilities e 18,000 e 46,000 e Equity e 8,500 e 8,500 84,000 e 84,000 92,500 Common stock Total equity $ 92,610 Total liabilities and equity < Prey Next > Education