Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below) On October 1, Ebony Ernst organized Ernst Consulting on October 3, the owner contributed $84.920 in assets exchange for its common stock to launch the business. On October 31, the company's records show the followin and amounts. Retained earnings. October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,450 16,950 4,080 46,02e 18,860 9,280 84,920 Cash dividends Consulting revenue Rent expen Salaries expense Telephone expense Miscellaneous expenses $ 2,930 16,950 4,420 7,909 868 680 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting Answer is not complete. ERNST CONSULTING Balance Sheet Sc Next Exercise 1-17 Preparing a balance sheet LO P2 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 $ 8,450 Accounts payable 16,950 Assets IS 9,280 > > Cash Accounts receivable Office supplies Office equipment Land >> 4,080 9,280 Equity 18,860 46,020 Common stock Retained earnings Total equity Total liabilities and equity >>> 84,920 160 85,080 94,360 > Total assets $ 94,360