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EXERCISES NO 1 Khalid opened a law office on July 1, 2019. On July 31, the balance sheet showed Cash 7,000, Accounts Receivable 2,500, Supplies 1,000, Equipment $6,000, Accounts Payable 4,500, and Owner's Capital 8,000. During August, the following transactions occurred. 1. Paid 2,500 cash on accounts payable. 2. Recognized revenue of 8,500 of which 5,000 is collected in cash and the balance is due in September. 3. Collected 1,000 of accounts receivable. 4. Paid salaries 2,000, rent for August 1,000, and advertising expenses 800. 5. Purchased additional equipment for 3,000, paying 500 in cash and the balance on account. 6. Incurred utility expenses for month on account 600. 7. Received 5,000 from Standard Federal Bank-money borrowed on a note payable. Instructions (a) Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be as follows: Cash + Accounts Receivable + Supplies + Equipment + Notes Payable + Accounts Payable+ Share Capital + Revenues + Expenses