On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $85,160 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. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 7,520 17,950 4,310 46, eee 19,190 9,600 85,160 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,190 17,95 4,720 8,220 900 710 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet For Month Ended October 31 Liabilities $ $ 9,600 17,950 Accounts payable 19.190 Assets Accounts receivable Office equipment office supplies Cash Land 9,600 4,310 7.520 Equity 46,000 Common stock Retained earnings Total equity 94.970 Total liabilities and equity 85,160 260 85,420 95,020 $ $ Total assets