Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable $ 12,650 Cash withdrawals by owner Consulting revenue Salaries expense 13,520 Office supplies 2,850 Rent expense Land 45,940 Office equipment 17,530 Accounts payable 8,110 Owner investments 83,540 Telephone expense Miscellaneous expenses $ 1,570 13,520 3,110 6,490 850 660 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Assets Cash Accounts receivable Office supplies ERNST CONSULTING Balance Sheet December 31 $ 12,650 Accounts payable 13,520 2,850 Total liabilities Liabilities $ 8,110 $ 8,110 Office supplies Land Office equipment 2,850 Rent expense 3,110 45,940 Salaries expense 17,530 Telephone expense 6,490 850 Accounts payable Owner investments 8,110 Miscellaneous expenses 83,540 660 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet December 31 Assets Liabilities $ 12,650 Accounts payable $ 8,110 13,520 2,850 Total liabilities SA $ 8,110 Cash Accounts receivable Office supplies Land Office equipment 45,940 17,530 Jasmin Ernst, Capital $ 92,490 Total liabilities and equity $ 8,110