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 |
| Land | 46,000 | Salaries expense | 8,500 |
| Office equipment | 19,560 | Telephone expense | 890 |
| Accounts payable | 9,890 | Miscellaneous expenses | 700 |
| Owner investments | 85,460 |
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
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