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! Required information [The following information applies to the questions displayed below.) 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 Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $11,360 14,000 3,250 46,000 18,000 8,500 84,000 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,000 14,000 3,550 7,000 760 580 Using the above information prepare an October 31 balance sheet for Ernst Consulting. Expenses ERNST CONSULTING Balance Sheet For Month Ended October 31 Revenues $ 3,550 Consulting fees earned 7,000 760 $ 14,000 Rent expense Salaries expense 14,000 Telephone expense Miscellaneous expenses 580 0 14,000 Total expenses $ 11,890 Total revenues $