Judi Salem opened a law office on July 1, 2017. On July 31, the balance sheet showed Cash $5,900, Accounts Receivable $2,000, Supplies $500, Equipment $6,100, Accounts Payable $4,300, and Owners Capital $10,200. During August, the following transactions occurred. 1. Collected $1,700 of accounts receivable. 2. Paid $2,700 cash on accounts payable. 3. Recognized revenue of $7,600, of which $3,200 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2,200, paying $400 in cash and the balance on account. 5. Paid salaries $2,500, rent for August $1,000, and advertising expenses $400. 6. Withdrew $700 in cash for personal use. 7. Received $1,200 from Standard Federal Bankmoney borrowed on a note payable. 8. Incurred utility expenses for month on account $350.