Lisa Anderson opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,800, Accounts Receivable $1,600, Supplies $600, Equipment $5.500, Accounts Payable $3,500, and Owner's Capital $10,000. During August, the following transactions occurred. 1. 2. 3. 4. Collected $1,300 of accounts receivable. Paid $2,700 cash on accounts payable. Recognized revenue of $7,300, of which $1,500 is collected in cash and the balance is due in September. Purchased additional equipment for $1,500, paying $400 in cash and the balance on account. Paid salaries $2,300, rent for August $1,000, and advertising expenses $350. Withdrew $700 in cash for personal use. Received $1,800 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $180. 5. 6. 7. 8. LISA ANDERSON, ATTORNEY AT LAW Owner's Equity Statement $ > $