Use the following information for exercise 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 $83,390 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. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $13, 210 13,320 2,720 45,910 17,350 7,970 83,390 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,460 13,320 2,950 6,290 830 640 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 As of October 31 Assets Liabilities 0 0 $ 0 $ 0