Question

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,660 in...

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,660 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 $ 12,040 Cash dividends $ 1,760
Accounts receivable 13,720 Consulting revenue 13,720
Office supplies 2,990 Rent expense 3,210
Land 45,940 Salaries expense 6,690
Office equipment 17,710 Telephone expense 870
Accounts payable 8,230 Miscellaneous expenses 680
Common stock 83,660

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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