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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 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 $11,360
Cash dividends $2,000
Accounts receivable 14,000
Consulting revenue 14,000
Office supplies 3,250
Rent expense 3,550
Land 46,000
Salaries expense 7,000
Office equipment 18,000
Telephone expense 760
Accounts payable 8,500
Miscellaneous expenses 580
Common stock 84,000
Problem 1: Using the above information October 31 make a balance sheet for Ernst Consulting.
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