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! Required information 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 $83,010 in assets to launch the business. On December 31, the company's records show the following items and amounts. 7.15 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments MA XXX $ 14,890 Cash withdrawals by owner 12,820 Consulting revenue 2,290 Rent expense 45,960 Salaries expense 16,900 Telephone expense 7,670 Miscellaneous expenses 83,010 SA $ 930 12,820 2,530 5,780 790 610 it W nces Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet Assets Liabilities $ $ 14,890 (Accounts payable 12,820 7,670 Cash Accounts receivable Office supplies Land Office equipment 2.290 Equity 45.960 16.900 Ernst Capital 85,190 Total equity 92 860 Total llabilities and equity Total assets 85.190 92 860 S S