Donna Clark opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,700, Accounts Receivable $1,500, Supplies $500, Equipment $6,500, Accounts Payable $3,900, and Owner's Capital $10,300. During August, the following transactions occurred 1. 2 3. Collected $1,200 of accounts receivable. Paid $2,400 cash on accounts payable. Recognized revenue of $7.500, of which $2,900 is collected in cash and the balance is due in September Purchased additional equipment for $2.200, paying $400 in cash and the balance on account Pald salaries $1,800, rent for August $1,000, and advertising expenses $300, Withdrew $900 in cash for personal use. 4. 5. 6. 7. Received $1.200 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $340, Owner's Equity Owner's Capital Owner's Drawings Revenues Expenses $ $