Susan Huang began the practice of law October 1, 2017, with an initial investment of $10,500 in cash. She made no withdrawals during the month. After completing the first month of practice, the financial state- ments 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:

Required 

Prepare the corrected financial statements for Susan Huang.

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Susan Huang, Lawyer Balance Sheet Otober 31, 2017 Assets Liabilities and Equity $ 3,780 Susan Huang, capital . Cash. $10,500 Furniture. 2,100 Supplies expense. 420 Accounts payable.. 1,050 Rent expense.. 2,100 Supplies. 1,050 $10,500 $10,500