Closing cash is 1800 and profit is 600. They differ because capital, equipment, withdrawals and the unpaid invoice affect the statements differently. Collecting the receivable later changes asset composition, not the original earned revenue.

Critical check: The accounting equation and cash reconciliation both hold, and owner movements are not treated as revenue or expense.

Final project: Submit all three statements, the transaction ledger and a one-page explanation. Add a 120 cash expense to the original period and reconcile the updated statements without a balancing plug.