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 $85,360 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts Cash Accounts receivable office supplies office equipment Land Accounts payable Common stock $ 7,010 Cash dividends 18,350 Consulting revenue 4,480 Rent expense 19,360 Salaries expense 46,040 Telephone expense 9,740 Miscellaneous expenses 85,360 $ 3,390 18,350 4,820 3,370 910 720 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 For Month Ended December 31 ERNST CONSULTING Balance Sheet Assets Equity Expenses Liabilities Revenues Withdrawals ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends ERNST CONSULTING Balance Sheet Common stock Consulting fees earned Land Miscellaneous expenses Office equipment ERNST CONSULTING Balance Sheet Office supplies Rent expense Retained earnings Salaries expense Telephone expense ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends Tmi ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends TI ERNST CONSULTING Balance Sheet Net income Net loss Total assets Total assets and liabilities ERNST CONSULTING Balance Sheet Total equity Total expenses Total liabilities Total liabilities and equity Total revenues ERNST CONSULTING Balance Sheet Assets Equity Expenses Liabilities Revenues Withdrawals ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends Common stock ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends Common stock ERNST CONSULTING Balance Sheet Net income Net loss Total assets Total assets and liabilities Total equity ERNST CONSULTING Balance Sheet Assets Equity Expenses Liabilities Revenues Withdrawals ERNST CONSULTING Bal Accounts payable Accounts receivable Cash Cash dividends Common stock ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends Common stock ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends ERNST CONSULTING Balance Sheet Net income Net loss Total assets Total assets and liabilities ERNST CONSULTING Balance Sheet Net income Net loss Total assets Total assets and liabilities Whit