Susan Huang began the practice of law October 1, 2023, with an initial investment of $10,500 in cash. She made no withdrawals during the month. After completing the first month of practice, the financial statements were prepared by Ryan Player, the secretary/bookkeeper Ms. Huang had hired. Ms. Huang almost burst out laughing when she saw them. She had completed a course in legal accounting in law school and knew the statements prepared by Player left much to be desired. Consequently, she asked you to revise the statements. The Player version is presented as follows:

Table Summary: Two statements are given one above the other; balance sheet for October 31, 2023, and income statement for month ended October 31, 2023, for Susam Huang, lawyer. Balance sheet is divided into two columns; assets, and liabilities and equity.

Table Summary: Two statements are given one above the other; balance sheet for October 31, 2023, and income statement for month ended October 31, 2023, for Susam Huang, lawyer. Balance sheet is divided into two columns; assets, and liabilities and equity.

Required
Prepare the corrected financial statements for Susan Huang.

Transcribed Image Text:

Susan Huang, Lawyer Balance Sheet October 31, 2023 Assets Cash Furniture Supplies expense Accounts payable Rent expense Supplies Liabilities and Equity $ 3,780 Susan Huang, capital $10,500 2,100 420 1,050 2,100 1,050 $10,500 $10,500