PLEASE COMPLETE AND HIGHLIGHT ANSWER

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 $84,310 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 $10,200 15,200 3,550 45,990 18,310 8,740 84,310 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,340 15,200 3,910 7,350 790 610 Answer is not complete. ERNST CONSULTING Income Statement For Month Ended October 31 Revenues Consulting revenue $ 15,200 Total revenues $ 15,200 Rent expense Salaries expense Telephone expense Miscellaneous expenses (3,910) (7,350) (790) (610) Total expenses Net income (12,660) 2,540 $