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Upd Read . START OF HOMEWORK ASSIGNMENT: Journal Entries, Accounting Equation & Financial Statements On July 31, 202X, the general ledger of Courts Best Legal Services Inc. showed these balances: Cash $4,000; Accounts Receivable $1,500; Supplies $500; Equipment $5,000; Accounts Payable $4,100; Common Shares $3,500; and Retained Earnings $3,400. During August the following transactions occurred: Aug. 2 Collected $1,200 of account receivable from customers. Aug 3 Received $1,200 for issuing common shares to new investors, . Aug. 6 Paid $2,700 on account payable owing. Aug. 7 Earned fees of $6,500, of which $3,000 was collected in cash and the remainder was due on account Aug. 13 Purchased additional equipment for $1,200, paying $400 in cash and the balance on account . Aug. 17 Paid salaries, $3,500, rent $900, and advertising expenses, $275, for the month of August. Aug. 17 Collected the balance of the fees earned on August 7. Aug 20 Declared and paid $500 of dividends to shareholders. Aug 22 Billed a client $1,000 for legal services provided. Aug 24 Received $2,000 from Lendtoyou Bank the money was borrowed on a bank loan payable that is due in six months Aug. 27 Signed an engagement letter to provide legal services to a client in September for $4,500. Aug, 28 Received the utility bill for the month of August in the amount of S275; it is due September 15th Aug 31 Paid income tax for the month, $500 a) Beginning with the July 31, 202X expenses, analyze the transactions and prepare the joumal entries b) Prepare T-accounts for each account from the journal entries. c) Prepare a Trial Balance in proper format for August