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Use the following information for exercise 15 to 18 LO P2 The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting on October 3, the owner contributed $84.000 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 $11,360 14,000 3.250 46.000 18.000 3.500 14.000 Cash dividends Consulting revenue Rent expense salaries expense Telephone expense Miscellaneous expenses $ 2,000 14,000 3.550 7.000 760 Exercise 1.17 Preparing a balance sheet LO P2 Using the above information prepare an Uctober Jr Udidlice Steel TUI CRISE LUISU . $ ERNST CONSULTING Balance Sheet As of October 31 Liabilities 11,360 Accounts payable 14,000 Common stock 3,250 18,000 Equity 46,000 Telephone expense Retained earnings Total equity 92,610 Total liabilities and equity Assets Cash Accounts receivable Office supplies Office equipment Land Cash dividends 84,000 84,000 110 84.110 176,610 Cash Total assets S