1.

Ruth Lewis opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,700, Supplies $500, Equipment $5,700, Accounts Payable $3,600, and Owners Capital $9,300. During August, the following transactions occurred.

1.		Collected $1,400 of accounts receivable.
2.		Paid $2,800 cash on accounts payable.
3.		Recognized revenue of $7,700, of which $2,500 is collected in cash and the balance is due in September.
4.		Purchased additional equipment for $2,100, paying $500 in cash and the balance on account.
5.		Paid salaries $1,700, rent for August $1,100, and advertising expenses $350.
6.		Withdrew $700 in cash for personal use.
7.		Received $1,600 from Standard Federal Bankmoney borrowed on a note payable.
8.		Incurred utility expenses for month on account $180.

(a)

Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)

RUTH LEWIS, ATTORNEY AT LAW
		Assets							=	Liabilities			+	Owners Equity
		Cash	+	Accounts Receivable	+	Supplies	+	Equipment	=	Notes Payable	+	Accounts Payable	+	Owners Capital		Owners Drawings	+	Revenues		Expenses
Bal.		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
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