On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the companys records show the following items and amounts.

Cash $ 6,650 Cash withdrawals by owner $ 3,490

Accounts receivable 18,650

Consulting revenue 18,650

Office supplies 4,640 Rent expense 4,920

Land 46,000 Salaries expense 8,500

Office equipment 19,560 Telephone expense 890

Accounts payable 9,890 Miscellaneous expenses 700

Owner investments 85,460