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On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 in...

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 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.  

Cash $ 13,840 Cash dividends $ 1,280
Accounts receivable 12,000 Consulting revenue 12,000
Office supplies 2,530 Rent expense 2,770
Land 45,840 Salaries expense 6,120
Office equipment 17,200 Telephone expense 820
Accounts payable 7,810 Miscellaneous expenses 630
Common Stock 83,220

Using the above information prepare an October 31 balance sheet for Ernst Consulting.

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ekkarill92 answered 2 years ago
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