George Forbes, a Chartered Accountant, operates an accounting office under the name George Forbes, Chartered Accountant. On June $30,2003,$ the balance sheet showed Cash $$3,000,$ Accounts Receivable $$1,200,$ Supplies $$600,$ Office Equipment $$5,900,$ Accounts Payable $$3,400,$ and George Forbes, Capital, $$7,300.$

During July the following transactions occurred:

$1.$ Collected $$1,000$ of accounts receivable.

$2.$ Paid $$2,800$ cash on accounts payable.

$3.$ Earned fees of $$7,500,$ of which $$3,500$ is collected in cash and the balance is due in August.

$4.$ Purchased additional office equipment for $$1,500,$ paying $$500$ in cash and the balance on account.

$5.$ Paid salaries $$1,600,$ rent for July $$500,$ office supplies $$300,$ and advertising expenses $$250.$

$6.$ Withdrew $$750$ in cash for personal use.

$7.$ Received $$3,000$ from the Bank of Montreal $-$ money borrowed on a note payable.

$8.$ Incurred utility expenses for month on account, $$275.$

$9.$ Supplies on hand at the end of July were $$500.($Hint: you have to add the supplies on hand June $30$ and the supplies purchased during July and then subtract the supplies on hand at the end of July. This will give you the amount of supplies used, which reduces the asset and represents an expense.$)$