[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 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 Owner investments $11,360 14,600 3,250 46,000 18,000 8,500 84,000 Cash withdrawals by owner Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,000 14,000 3,550 7,000 760 580 Using the above information prepare an October 31 balance sheet for Ernst Consulting Assets S 5 ERNST CONSULTING Balance Sheet As of October 31 Liabilities 11,360 Accounts payable 14,000 3.250 Total liabilities 46,000 Equity 18,000 Cash Accounts receivable Office supplies Land Office equipment 8,500 8,500 S 92 610 Total liabilities and equity 5 8,500