Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,780 in assets to launch the business. On October 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 14,740 Consulting revenue 3,930 Rent expense 45,980 Salaries expense 18,660 Telephone expense 9,170 Miscellaneous expenses 84,780 2,830 14,740 4,300 7,740 850 670 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet