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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,470 in assets in 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. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 9,750 15,620 3,710 45,970 18,450 8,900 84,470 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,530 15,620 4,070 7,450 810 630 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 Assets Liabilities Cash $ 9,750 Accounts payable $ 8,900 Accounts receivable 15,620 3,710 8,900 Office supplies Office equipment Land 18,450 Equity 45,970 Common stock 84,470 110 x Retained earnings Total liabilities and equity x 84,580 93,480 Total assets $ 93,500 $