ele Q3 Kiger Kayaking, a sporting goods retailer, began operations on August 1 with the following transactions during the first month of operation Compute August net income (using accrual-based accounting) and the August 31 cash balance. Accrual Cash $ $ Aug 1 Paid August office rent of $4,000. $ $ Aug 5 Purchased and paid $32,000 for merchandise inventory. $ Sold merchandise for $54,000 to customers at retail that Aug 16 cost $20,000 wholesale. Received cash from customers. $ Received and paid a $1,500 advertising bill for August, Aug 17 September, and October $ $ Aug 30 Paid September office rent of $4,000. XXXXXXX $ Aug 31 Change in cash balance $ XXXXXXX August net income $ $ $ $ Aug 31