Exercise 1-15: Preparing a balance sheet L.O P1 On October 1, Keisha King organized Real Answers, a new consulting firm. On October 31, the company's records show the following items and amounts. Use the following information to prepare an October 31 balance sheet for Real Answers. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) Cash $ 8,200 Cash withdrawals by owner $ 2,000 Accounts receivable 18,000 Consulting fees earned 20,000 Office supplies 17,425 Rent expense 3,600 Land 46,000 Salaries expense 8,000 Office equipment 18,000 Telephone expense 760 Accounts payable 30,750 Miscellaneous expenses 580 Owner investments 71,815 REAL ANSWERS Balance Sheet October 31 Assets Liabilities Cash $ 8200 Accounts payable $ 30750 Accounts receivable 18000 Office supplies 17425 Equity Office Equipment 18000 King, Capital 76875 Land 46000 Total assets $ 107625 Total liabilities and equity $ 107625

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