On October 1, Ebony Emst organized Ernst Consulting: on October 3 the owner contributed $84.580 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $9,390 Cash dividends $ 2,650 16,000 4,190 7,570 830 650 16,000 Consulting revenue 3,830 Rent expense 45.980 Salaries expense 18,550 Telephone expense 9,060 Miscellaneous expenses 84,580 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet As of October 31 Assets Liabilities Land Office equipment Cash Accounts receivable Office supplies S 45,980 Accounts payable 9,060 18,550 9,390 16,000 Common stock Equity 84,580 3,830 Retained earnings 84.580 S 93,750 $93,640 1 of 1 Next