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. 5. 6. 7. 8. Incurred utility expenses for month on account $340, DONNA CLARK, ATTORNEY AT LAW Balance Sheet Assets $ $ Liabilities and Owner's Equity $