Susan Huang began the practice of law on October 1, 2023, with an initial investment of $22,000 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

> /,250 Susan Huang, capatal

Furniture

6,150

supplies expense

AccoUnts pavable

Rent expense

SuDo es

4.600

1,580

$22,000

$22,000

322,000

Susan Huang. Lawyer

ncomo staremeni

For Month Ended October 31

2025

Revenues:

Legal revenue

Accounts receivable

rypenses:

Salaries expense

Telephone expense

Law library

17,000

900

$20, 900

445

1,695

Profit

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