Saved On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,200 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 $10,710 14,800 3,450 46,030 18,170 8,630 84,200 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,180 14,800 3,750 7,160 780 600 Using the above information prepare an October 31 balance sheet for Ernst Consulting. $ ERNST CONSULTING Balance Sheet As of October 31 Liabilities 10,710 Accounts payable 14,800 3,450 Equity 18,170Common stock 46,030 Retained earnings $ Assets Cash Accounts receivable Office supplies Office equipment Land 8,630 84,200 330 84,530 93,160 Total assets $ 93,160 Total assets and liabilities $