On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On October 31, the companys records show the following items and amounts.

Cash $ 11,360 Cash dividends $ 2,000

Accounts receivable 14,000 Consulting revenue 14,000

Office supplies 3,250 Rent expense 3,550

Land 46,000 Salaries expense 7,000

Office equipment 18,000 Telephone expense 760

Accounts payable 8,500 Miscellaneous expenses 580

Common Stock 84,000

Using the above information prepare an October 31 balance sheet for Ernst Consulting.