On October 1, Ebony Ernst organized Ernst Consulting and contributed $71,500 in assets in exchange for common stock to launch the business.

On October 31, the company's records show the following items and amounts.

Cash	$ 11,250		Cash Dividends	$ 2,000
Accounts Receivable	25,000		Consulting Revenues	25,000
Office Supplies	1,200		Rent Expense	4,500
Land	28,000		Salaries Expense	10,000
Office Equipment	18,000		Telephone Expense	850
Accounts Payable	5,000		Miscellaneous Expense	700
Common Stock	71,500