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 Emst 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 expende Salarie expense Telephone expense Miscellaneous expenses $ 2,000 14,000 3,550 7.000 760 580 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting ERNST CONSULTING Balance Sheet As of October 31