On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 in assets to launch the business. On December 31, the company’s records show the following items and amounts.
|Cash||$ 6,650||Cash withdrawals by owner||$ 3,490|
|Accounts receivable||18,650||Consulting revenue||18,650|
|Office supplies||4,640||Rent expense||4,920|
|Office equipment||19,560||Telephone expense||890|
|Accounts payable||9,890||Miscellaneous expenses||700|
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
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