Business, 28.06.2021 22:10 mrmendrala

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 $12,650 Cash dividends $1,570
Accounts receivable 13,520 Consulting revenue 13,520
Office supplies 2,850 Rent expense 3,110
Land 45,940 Salaries expense 6,490
Office equipment 17,530 Telephone expense 850
Accounts payable 8,110 Miscellaneous expenses 660
Common stock 83,540

Required:
Using the above information prepare an October 31 balance sheet for Emst Consulting ERNST.

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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in...

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