Linda Williams opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5,600, Accounts Receivable $1,500. Supplies $500, Equipment $6,400, Accounts Payable $3,500, and Owner's Capital $10,500. During August, the following transactions occurred. 1. Collected $1,200 of accounts receivable. 2. Paid $2,400 cash on accounts payable. 3. Recognized revenue of $7,100 of which $3,200 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $1,900, 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 $1,900 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $230.