Required information Use the following information for exercises 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 $84,000 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 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $2,000 14,000 3,550 7,000 760 580 $11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 46,000 Salaries expense 18,000 Telephone expense 8,500 Miscellaneous expenses 84,000 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