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Use the following information for the Exercises below. (Algo)

The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts.

Cash	$ 9,750	Cash dividends	$ 2,530
Accounts receivable	15,620	Consulting revenue	15,620
Office supplies	3,710	Rent expense	4,070
Office equipment	18,450	Salaries expense	7,450
Land	45,970	Telephone expense	810
Accounts payable	8,900	Miscellaneous expenses	630
Common stock	84,470

Use the above information to prepare a December 31 balance sheet for Ernst Consulting.

Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 9,750 Cash dividends 15,620 Consulting revenue 3,710 Rent expense 18,450 Salaries expense 45,970 Telephone expense 8,900 Miscellaneous expenses 84,470 $ 2,530 15,620 4,070 7,450 810 630 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Answer is not complete. ERNST CONSULTING Balance Sheet December 31 0 >> Assets Liabilities Accounts payable Cash Accounts receivable Office supplies 9,750 15,620 3,710 8,900 8,900 Equity Land Office equipment 45,970 18,450 Common stock Retained earnings Total equity Total liabilities and equity 84,470 130 84,600 93,500 Total assets $ 93,500

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