Debra King opened a law othice on July 1, 2022, On July 31, the balance sheet showed Cash $6,000, Accounts Rocelivabie 51,900 . Supplies $600, Equipment $6,400. Accounts Payable $4.100, and Owner's Capital $10,800. During August, the following tramactions occurred. 1. Coliected $1,600 of accounts receivable. 2. Paid 52,700 cash on accounts parabie. 3. Recognlzed revenue of $7,500 of which $3,300 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2.400, paying $500 in cash and the balance on account. 5. Paid salaries $2,000, rent for August $1,100, and advertising expenses $350, 6. Withdrew $700 in cash for personal use. 7. Received $1.900 from Standard Federal Bank - money borrowed on a note payable. 8. Incurred utility expenses for month on account $270. Question 8 of 8