On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,160 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 Office supplies Office equipment Land Accounts payable Common stock Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $7,520 17,950 4,310 19,190 46,000 9,600 85,160 3,190 17,950 4,720 8,220 900 710 +

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,160 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. \begin{tabular}{lr} Cash & $7,520 \\ Accounts receivable & 17,950 \\ \hline Office supplies & 4,310 \\ Office equipment & 19,190 \\ Land & 46,000 \\ Accounts payable & 9,600 \\ Common stock & 85,160 \\ Cash dividends & 3,190 \\ Consulting revenue & 17,950 \\ Rent expense & 4,720 \\ Salaries expense & 8,220 \\ Telephone expense & 900 \\ Miscellaneous expenses & 710 \end{tabular} On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,160 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. \begin{tabular}{lr} Cash & $7,520 \\ Accounts receivable & 17,950 \\ \hline Office supplies & 4,310 \\ Office equipment & 19,190 \\ Land & 46,000 \\ Accounts payable & 9,600 \\ Common stock & 85,160 \\ Cash dividends & 3,190 \\ Consulting revenue & 17,950 \\ Rent expense & 4,720 \\ Salaries expense & 8,220 \\ Telephone expense & 900 \\ Miscellaneous expenses & 710 \end{tabular}