what am I missing? It keeps saying my answer is incomplete. On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,78assets in exchange for its common stock to launch the business. On October 31, the company's recoshow the following items and amounts. Retained earnings, October 1 as $0.$15,76012,5901,96046,03016,5807,25082,780Cash dividendsCashAccounts receivable$12,5902,2705,450760580640Consulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expensesOffice suppliesLandOffice equipmentAccounts payableCommon stockExercise 1-17 Preparing a balance sheet LO P2Using the above information prepare an October 31 balance sheet for Ernst Consulting.ERNST CONSULTINGBalance SheetAs of October 31AssetsLiabilitiesCash$15,760 Accounts payable7,250Accounts receivable12,590Office supplies1,9607,250Land46,030EquityOffice equipment16,580 Common stock82,780Retained earnings2,890Total equity85,670Total assets$92,920 Total liabilities and equity$92,920

Meaning of Balance Sheet Balance Sheet is also called as positional statement. A Balance sheet shows…

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on prepare an October 31 balance sheet for Ernst Consulting.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 4PA: Entries for selected corporate transactions Morrow Enterprises Inc. manufactures bathroom fixtures....

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