Susan Huang began the practice of law on October 1, 2023, with an initial investment of $15,400 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:

Susan Huang, Lawyer
Balance Sheet
October 31, 2023
Assets				Liabilities and Equity
Cash	$	3,750		Susan Huang, capital	$	15,400
Furniture		3,000
Supplies expense		500
Accounts payable		1,250
Rent expense		4,650
Supplies		2,250
	$	15,400			$	15,400

Susan Huang, Lawyer
Income Statement
For Month Ended October 31, 2023
Revenues:
Legal revenue	$	20,500
Accounts receivable		2,900		$	23,400
Expenses:
Salaries expense	$	3,600
Telephone expense		350
Law library		16,150			20,100
Profit				$	3,300

Required: Prepare the corrected financial statements for Susan Huang.

1) Susan Huang, Lawyer

Income Statement

For month ended October 31,2023

2) Susan Huang, Lawyer

Statement of changes in Equity

for Month ended October 31,2023

3) Susan Huang, Lawyer

Balance sheet

October 31,2023