Michelle Walker opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,300, Accounts Receivable $2,000, Supplies $500, Equipment $6,100, Accounts Payable $3,500, and Owner's Capital $10,400. During August, the following transactions occurred. 1 2 3 4. 5 6. 7 Collected $1,700 of accounts receivable. Paid $2,400 cash on accounts payable. Recognized revenue of $7,300, of which $2,900 is collected in cash and the balance is due in September Purchased additional equipment for $2.100, paying $300 in cash and the balance on account. Pald salaries $2,300 rent for August $1.200, and advertising expenses $450. Withdrew $800 in cash for personal use. Received $1,900 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $230, 8. (a) Prepare a tabular analysis of the August transactions beginning with July 31 balances of transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset tibility or Equity item that was reduced. See Mustration 1-8 for comple) Assets MacBook AL 2 $ 4 3 % 5 & 7 1 O 6 8 9 W E R Y C o S D F G H J K X ad command MICHELLE WALKER, ATTORNEY AT LAW Liabilities Notes Accounts Payable Payable Owner's Capital Equipment $ $ $ Tedbook and Media List of Accounts MacBook Air 6 $ 4 2 % 5 & 7 8 o 1 O w E R T Y U 1 o S D G H J L C V 00