Chapter 1 Assignment (5Qs) Saved Help Save & Exit Submi 5 5 oints Susan Huang began the practice of law on October 1, 2023, with an initial investment of $22,400 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 Assets Susan Huang, Lawyer Balance Sheet October 31, 2023 Liabilities and Equity $ 8,100 Susan Huang, capital $22,400 Print Cash Furniture 4,200 Supplies expense 1,250 Accounts payable 1,070 Rent expense 5,800 Supplies 1,980 $22,400 $22.480 ts Susan Huang, Lawyer Income Statement For Month Ended October 31, 2023 Revenues: Print Legal revenue $13,700 Accounts receivable 4,400 $18,100 Expenses: Salaries expense $ 4,500 Telephone expense 265 Law library 6,675 11,448 Profit $ 6,660 5 Revenues: SUSAN HUANG, LAWYER Income Statement For Month Ended October 31, 2023 15 8 points Print Total revenues Operating Expenses: Total operating expenses 5 points Print Mc SUSAN HUANG, LAWYER Statement of Changes in Equity For Month Ended October 31, 2023 Susan Huang, capital, October 1, 2023 Total Susan Huang capital, October 31, 2023 $ 0