On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 in...

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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Cash dividends Consulting revenue $ 9,390 16,020 Office supplies 3,830 Rent expense office equipment 18,550 Salaries expense Land 45,980 Telephone expense Accounts payable 9,060 Miscellaneous expenses Common stock 84,580 $ 2,650 16,020 4,190 7,570 830 650 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet December 31 0 $ 0 0 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Cash dividends Consulting revenue $ 9,390 16,020 Office supplies 3,830 Rent expense office equipment 18,550 Salaries expense Land 45,980 Telephone expense Accounts payable 9,060 Miscellaneous expenses Common stock 84,580 $ 2,650 16,020 4,190 7,570 830 650 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet December 31 0 $ 0 0