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Use the following information for exercise 15 to 18 LO P2 [The following...

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Accounting

Use the following information for exercise 15 to 18 LO P2

[The following information applies to the questions displayed below.] 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 companys 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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OPtions for the left column

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OPtions for the right column

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ERNST CONSULTING Balance Sheet 24 %24 ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends ERNST CONSULTING Balance Sheet Accounts payable Accounts receivable Cash Cash dividends %24 24

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