Lisa Anderson opened a law office on July 1, 2022. 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. Collected $1,300 of accounts receivable. 2. Paid $2,700 cash on accounts payable. 3. Recognized revenue of $7,300 of which $1,500 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $1,500, paying $400 in cash and the balance on account. 5. Paid salaries $2,300, rent for August $1,000, and advertising expenses $350. 6. Withdrew $700 in cash for personal use. 7. Received $1,800 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $180. Prepare an income statement for August. LISA ANDERSON, ATTORNEY AT LAW Income Statement 69 +A 69