IE Exercise 1-20: Preparing a balance sheet LO P2 8 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. 3.12 points eBook Open Excel in new tab Files | X IMPORTANT: Answer grading policy For an answer to be graded as correct, you must use an Excel formula: 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3 OK 2 3 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets to launch the business. On December 31, the company's records show the following items and amounts. 1 5 Cash $11,360 5 Accounts receivable 14,000 7 Office supplies 3,250 3 Land 46,000 Office equipment 18,000 0 Accounts payable 8,500 1 Owner investments 84,000 2 Cash withdrawals by owner 2,000 3 Consulting revenue 14,000 4 Rent expense 3,550 5 Salaries expense 7,000 6 Telephone expense 760 7 Miscellaneous expenses 580 8 9 Required: 0 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. (Use cells A5 to B17 from the given information to complete this question.) ERNST CONSULTING Balance Sheet