Susan Huang began the practice of law October 1, 2020, with an initial investment of $24,800 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: Susan Huang, Lawyer Balance sheet October 31, 2020 Asseto Liabilities and Equity Cash $ 7,950 Susan Huang, capital $24,800 Furniture 5,350 Supplies expense 1,280 Accounts payable 1.390 Rest expense 6,250 Supplies 2.500 524.800 $24,800 Busan Huang. Lawyer Income Statement Tor Month Ended October 31, 2020 Revenge Legal revenue $19.000 Accounts receivable 4,100 $23.100 Expenses Salaries expense $5,400 Telephone expecte 250 Law Library 12.030 17.660 Trott 65,420 Required: Prepare the corrected financial statements for Susan Huang. SUSAN HUANG, LAWYER Income Statement For Month Ended October 31, 2020 Revenues: Total revenues Operating Expenses: Total operating expenses SUSAN HUANG, LAWYER Statement of Changes in Equity For Month Ended October 31, 2020 Susan Huang, capital, October 1, 2020 $ 0 Total Susan Huang capital, October 31, 2020 SUSAN HUANG, LAWYER Balance Sheet October 31, 2020 Assets Liabilities Equity Total assets Total liabilities and equity