Month-end balance sheet amounts for the legal practice of Adam Booth, a local lawyer, for 3 consecutive months of 2019 are shown below. The information is complete except for the balance in the Capital account.

Required

(a) Determine the balance in Adam Booth’s Capital account at the end of each month.

(b) Assuming that Booth made no additional investments and did not withdraw any money from the business during the 3 months, determine the profit for November and for December.

(c) Prepare a balance sheet for the business at the end of December 2019. (The heading should read: Adam Booth, Lawyer.)

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Cash at bank Accounts receivable Prepaid insurance Office equipment Property Accounts payable Wages payable Mortgage payable Adam Booth, Capital October $ 9100 16 100 700 29 800 226 000 10 100 5 100 134 700 ? November $ 3.900 15 000 1 800 29 700 224 000 3100 4 100 134 300 ? December $ 3000 8050 1600 39 300 222 000 3000 4 800 133 900 ?