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 $84,780 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $ 8,990 Cash withdrawals by owner 16,540 Consulting revenue 3,930 Rent expense 45,980 Salaries expense 18,660 Telephone expense 9,170 Miscellaneous expenses 84,780 $ 2,830 16,540 4,300 7,740 850 670 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 Liabilities $ $ 9,170 Assets Cash Accounts receivable Office equipment Office supplies Land 8,990 Accounts payable 16,540 18,660 3,930 Equity 45,980 Consulting fees earned Cash withdrawals by owner 16,540 2,830 19.370 Total assets $ 94,100 Total revenues $ 28,540