On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,920 in assets to launch the business. On October 31, the company’s records show the following items and amounts. Cash $8,450 Cash withdrawals by owner $2,930 Accounts receivable 14,910 Consulting revenue 14,910 Office supplies 4,080 Rent expense 4,420 Land 46,020 Salaries expense 7,900 Office equipment 18,860 Telephone expense 860 Accounts payable 9,280 Miscellaneous expenses 680 Owner investments 84,920 Using the above information prepare an October 31 balance sheet for Ernst Consulting.