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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 10 Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below.) Part 3 of 4 15 points On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 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 $12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,570 13,520 3,110 6,490 850 660 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. Answer is not complete. ERNST CONSULTING Balance Sheet As of October 31 Assets Liabilities OOO Cash $ 8,110 $ 12,650 Accounts payable 13,520 Accounts receivable OOOOO 2,850 Office supplies Office equipment Land 8,110 17,530 Equity 45,940 Common stock OO Retained earnings 83,540 840 84,380 92,490 Total assets $ 92,490 $

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