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. 4. 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 Paid salaries $1,800, rent for August $1,000, and advertising expenses $300, Withdrew $900 in cash for personal use. Received $1.200 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $340, 5. 6. 7. 8. (62) Prepare an owner's equity statement for August. (List items that increase owner's equity first.) DONNA CLARK, ATTORNEY AT LAW Owner's Equity Statement For the Month Ended August 31, 2020 ta