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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,360 in...

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,360 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 $ 7,010 Cash dividends $ 3,390 Accounts receivable 18,350 Consulting revenue 18,350 Office supplies 4,480 Rent expense 4,820 Land 46,040 Salaries expense 8,370 Office equipment 19,360 Telephone expense 910 Accounts payable 9,740 Miscellaneous expenses 720 Common stock 85,360 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting.

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