Use the following information for the Exercises below. (Algo)

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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 in assets to launch the business. On December 31, the companys records show the following items and amounts.

Cash	$ 15,140	Cash withdrawals by owner	$ 830
Accounts receivable	12,720	Consulting revenue	12,720
Office supplies	2,110	Rent expense	2,380
Land	46,010	Salaries expense	5,620
Office equipment	16,780	Telephone expense	780
Accounts payable	7,360	Miscellaneous expenses	600
Owner investments	82,890

Exercise 1-20 (Algo) Preparing a balance sheet LO P2

Use the above information to prepare a December 31 balance sheet for Ernst Consulting.