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 $84,000 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. Retained earnings. October 1 as $0. Cash Accounts receivable Office supplies Land office equipment Accounts payable Common stock $11,360 14,000 3,250 46,000 18,000 8,500 84,000 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,000 14,000 3.550 7.000 760 58 Using the above information prepare an October 31 balance sheet for Ernst Consulting ERNST CONSULTING Balance Sheet Seved ament (20 points) Accounts receivable Office Supplies Land office equipment Accounts payable Common stock 14,880 3,250 46,080 18,00 8,500 84,000 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 14, eee 3,550 7,600 760 580 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet