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Question: susan huang began the practice of law october 1 2017...

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Susan Huang began the practice of law October 1, 2017, with an initial investment of $21,000 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, 2017
Assets Liabilities and Equity
  Cash $ 6,900   Susan Huang, capital $ 21,000
  Furniture 6,850
  Supplies expense 430
  Accounts payable 1,910
  Rent expense 3,300
  Supplies 1,610
$ 21,000 $ 21,000
Susan Huang, Lawyer
Income Statement
For Month Ended October 31, 2017
    Legal revenue $ 17,800
    Accounts receivable   4,350 $ 22,150
    Salaries expense $ 4,800
    Telephone expense       345
    Law library 12,125 17,270
  Profit $ 4,880

Prepare the corrected financial statements for Susan Huang.

income statement

statement of changes in equity

balance sheet

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