Kimberly Young opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5,800, Accounts Receivable $1,700, Supplies $400, Equipment $5,800, Accounts Payable $3,500, and Owner's Capital $10,200. During August, the following transactions occurred. 1. Collected $1,400 of accounts receivable. 2. Paid $2,600 cash on accounts payable. 3. Recognized revenue of $7,600 of which $2,600 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2,500, paying $300 in cash and the balance on account. 5. Paid salaries $2,200, rent for August $1,100, and advertising expenses $450. 6. Withdrew $1,000 in cash for personal use. 7. Received $1,000 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $290.\fKIMBERLY YOUNG, ATTORNEY AT LAW Liabilities + Notes Accounts + + Equipment Payable Payable $ $ $ $ $ $\f