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 company's records show the following items and amounts.

Cash$11,360Cash dividends$2,000Accounts receivable14,000Consulting revenue14,000Office supplies3,250Rent expense3,550Land46,000Salaries expense7,000Office equipment18,000Telephone expense760Accounts payable8,500Miscellaneous expenses580Common Stock84,000