Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $84,310 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 $10,200 15, 200 3,550 45,990 18,310 8,740 84,310 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,340 15,200 3,910 7,350 790 610 Using the above information prepare an October 31 balance sheet for Ernst Consulting. Answer is not complete. ERNST CONSULTING Balance Sheet As of October 31 Liabilities Assets Cash Accounts payable 8,740 8,740 Accounts receivable Office supplies Land Office equipment 10,200 15,200 3,550 45,990 18,310 Equity Common stock Retained earnings Total equity Total liabilities and equity 84,310 200 84,510 93,250 Total assets $ 93,250 $