On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets to launch the business. On December 31, the companys records show the following items and amounts. Cash $ 12,650 Cash withdrawals by owner $ 1,570 Accounts receivable 13,520 Consulting revenue 13,520 Office supplies 2,850 Rent expense 3,110 Land 45,940 Salaries expense 6,490 Office equipment 17,530 Telephone expense 850 Accounts payable 8,110 Miscellaneous expenses 660 Owner investments 83,540

Some answers in the grid are right and some are wrong.

Use the above information to prepare a December 31 balance sheet for Ernst Consulting