Current Attempt in Progress Laura Hall opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5,300, Accounts Receivable $1,900, Supplies $600, Equipment $5,900, Accounts Payable $4,500, and Owner's Capital $9,200. During August, the following transactions occurred. 1 Collected $1,600 of accounts receivable. 2. Paid $3,000 cash on accounts payable. 3. Recognized revenue of $8,600 of which $1,800 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2.100, paying $500 in cash and the balance on account. 5. Paid salaries $2.200, rent for August $1,000, and advertising expenses $350 6. Withdrew $800 in cash for personal use. 7. Received $1,200 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $280. (a)