Answer a and b.

P1- 2B Juanita Pierre opened a law office, on July 1,2012. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and Owner's Capital $8,800. During August, the following transactions occurred 1. Collected $1,200 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Earned revenue of $7,500 of which $3,000 is collected in cash and the balance is due in Septembe:r 4. Purchased additional office equipment for $2,000, paying $400 in cash and the balance on account 5. Paid salaries $2,500, rent for August $900, and advertising expenses $400. 6. Withdrew $700 in cash for personal use. 7. Received $2,000 from Standard Federal Bank- money borrowed on a note payable. 8. Incurred utility expenses for month on account $270 Instructions (a) Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be as follows Cash+Accounts Recenable+ Suppfies+Equipment-Nates Payable+ Accounts Payable+wner's Capital-Owner's Drawings+Revemes-Expense sheet at August 31 (b) Prepare an income statement for August, an owner's equity statement for August, and a balance