On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,470 in assets in exchange for its common stock to launch the business. On October 31, the companys records show the following items and amounts.

$ 9,750 Cash dividends 15,600 Consulting revenue 3,710 Rent expense 45,970 Salaries expense 18,450 Telephone expense 8,900 Miscellaneous expenses 84,470 $ 2,530 15,600 4,070 7,450 Cash Accounts receivable Office supplies Land Office equipment Accounts payable 810 630 Common Stock Using the above information prepare an October 31 balance sheet for Ernst Consulting ERNST CONSULTING Balance Sheet