Kimberly Salem opened a law office on July 1, 2022. On July 31, the balances in the accounts were as follows: Cash $5,100, Accounts Receivable $1,800, Supples $800, Equipment $7,000, Accounts Payable $4,800, and Owner's Capital $9,900. During August, the following transactions occurred. 1. Collected $1,800 of accounts receivable. 2. Paid $2,700 cash on accounts payable. 3. Recognized revenues of $6,500 of which $3,300 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2,800, paying $400 in cash and the balance on account. 5. Paid salaries $2,500, rent for August $1,000, and advertising expenses $700. 6. Withdrew $1,600 in cash for personal use. 7. Received $2,000 from Standard Federal Bank-money borrowed on a note payable: 8. Incurred utility expenses for month on account $270. Prepare a tabular summary of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a nesative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Question 3 of 6 126; 1. 2. 3. 4. 5. 7. 8 .126 Compute total revenues and total expenses for August. Total revenues Total expenses Compute the balance of assets, liabilities, and owner's equity at August 31. Balance of assets Balance of liabilities Owner's equity