Judi Salem opened a law office on July 1, 2017. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,700, Supplies $500, Equipment $5,700, Accounts Payable $3,600, and Owners Capital $9,300. During August, the following transactions occurred.

1.		Collected $1,400 of accounts receivable.
2.		Paid $2,800 cash on accounts payable.
3.		Recognized revenue of $7,700, of which $2,500 is collected in cash and the balance is due in September.
4.		Purchased additional equipment for $2,100, paying $500 in cash and the balance on account.
5.		Paid salaries $1,700, rent for August $1,100, and advertising expenses $350.
6.		Withdrew $700 in cash for personal use.
7.		Received $1,600 from Standard Federal Bankmoney borrowed on a note payable.
8.		Incurred utility expenses for month on account $180.

Prepare an income statement for August. JUDI SALEM, ATTORNEY AT LAW Income Statement Prepare an owner's equity statement for August. (List items that increase owner's equity first.) UDI SALEM, ATTORNEY AT LAWW Owner's Equlty Statement Prepare a balance sheet at August 31. (List Assets in order of liquidity.) UDI SALEM, ATTORNEY AT LAW Balance Sheet Assets Liabilities and Owner's Equity