The financial statements  for Daniels' Custom Haircuts for the month of October follow.

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Daniels' Custom Haircuts Income Statement Revenue: Professional Fees $25,000 Expenses Salary Expense Rent Expense Utilities Expense Miscellaneous Expense $1.200 3,000 600 450 Total Expenses Net Income $19,750 Statement of Owner's Equity Q. Daniels, Capital, October 1, 20- Investments during October Net Income for October Subtotal Less Withdrawals for October Increase in Capital Q. Daniels, Capital, October 31, 20- $29,750 4,000 $25.750 Daniels' Custom Haircuts Balance Sheet Assets Cash Accounts Receivable Office Equipment Office Furniture Total Assets $16,000 2,400 10,000 8,000 Liabilities Accounts Payable $ 10,650 Owner's Equity Q. Daniels, Capital Total Liabilities and Owner's Equity $ (K)