$1,230, Supplies $410, Equipment $4,100, Accounts Payable $3,360, Common Stock $2,870, and Retained Earnings $2,790. During August, the following transactions occurred. Aug. 3 Collected $980 of accounts receivable due from customers. 5 Received $1,070 cash for issuing common stock to new investors. 6 Paid $2,210 cash on accounts payable. 7 Performed legal services of $5,330, of which $2,460 was collected in cash and the remainder was due on account. 12 Purchased additional equipment for $980, paying $330 in cash and the balance on account. 14 Paid salaries $2,870, rent $740, and advertising expenses $225 for the month of August. 18 Collected the balance for the services performed on August 7. 20 Paid cash dividend of $410 to stockholders. 24 Billed a client $820 for legal services performed. 26 Received $1,640 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months. 27 Agreed to perform legal services for a client in September for $3,690. The client will pay the amount owing after the services have been performed. 28 Received the utility bill for the month of August in the amount of $225; it is not due until September 15. 31 Paid income tax for the month $410. Post the August journal entries to the ledger and determine month-end balances. (Post entries in the order of journal entries presented in the previous part.) \begin{tabular}{c|r|l|lr} \multicolumn{6}{c}{ Retained Earnings } \\ \hline & & \\ \hline & & 7/31 Bal. & 2,790 \\ \hline & & & & \\ \hline \end{tabular} Dividends Rent Expense Advertising Expense Income Tax Expense