CALCULATOR FULL SCREEN PRINTER VERSED Problem 3-4 Sage Hill Inc. created a corporation providing legal services, Sage Hill Inc., on July 1, 2017. On July 31 the balance sheet showed: Cash $4,000; Accounts Receival Stock $7,600; and Retained Earnings $1,790. During August the following transactions occurred. Aug. 1 Collected $1,000 of accounts receivable due from customers. 4 9 15 Paid $2,670 cash for accounts payable due. Performed services worth $5,990, of which $3,540 is collected in cash and the balance is due in September. Purchased additional office equipment for $4,460, paying $480 in cash and the balance on account. 19 Paid salaries $1,390, rent for August $690, and advertising expenses $320. 23 Paid a cash dividend of $800. 26 Borrowed $5,250 from American Federal Bank; the money was borrowed on a 4-month note payable. 31 Incurred utility expenses for the month on account $360. Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction causes a decrease in Assets, Liabilities or Stockholde entered for the particular Asset, Liability or Equity item that was reduced. Post entries in the order presented in the question.) July 31 Bal. S SAGE HILL INC. Assets Liabilities Sto Cash Accounts Receivable Notes Supplies Equipment Payable Accounts Payable Common Stock Retained Earnings