ices On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Cashi $11,360 Cash dividends $ 2,000 Accounts 14,000 Consulting revenue 14,000 receivable office supplies 3,250 Rent expense 3,550 Land 46,000 Salaries expense 7,000 office equipment 18,000 Telephone expense 760 Miscellaneous Accounts payable 8,500 580- expenses Common Stock 84,000 Using the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings As of October 31 Retained earnings, Oct. 1 $ 0 Add Owner's investment 84,000 84,000 Less Dividends 2,000 Retained earnings, Oct. 31 8 of 6 Next >