Asad opened an advertising agency, on July 1, 2019. On July 31, the balance sheet showed Cash $7,000, Accounts Receivable $2,500, Supplies $600, Equipment $8,000, Accounts Payable $5,000, and Owner's Capital $10,000. During August, the following transactions occurred. 1. Collected $2,800 of accounts receivable. 2. Paid $3,000 cash on accounts payable. 3. Earned revenue of $10,500 of which $6,000 is collected in cash and the balance is due in September. 4. Purchased additional office equipment for $2,100, paying $600 in cash and the balance on account. 5. Paid salaries $4,500, rent for August $1000, and insurance expenses $600. 6. Withdrew $1000 in cash for personal use. 7. Received $4,000 from MCB Bankmoney borrowed on a note payable. 8. Incurred utility expenses for month on account $500. 9. Purchased supplies of $300 on account 10. Owner invested $6,000 cash in the business. 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 +Owner's Capital -Owner's Drawings + Revenues -Expenses. (b) Prepare an income statement and an owner's equity statement for August