of 4 Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable $7,950 Cash withdrawals by owner 17,450 Consulting revenue ook Office supplies Land Office equipment Accounts payable Owner investments: 4,200 Rent expense 46,010 Salaries expense 19,060 Telephone expense 9,430 Miscellaneous expenses 85,050 int $ 3,070 17,450 4,530 8,090 8801 690. 4 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet ences