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 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, 5. 6. 7. 8. (a) Your Answer Correct Answer Prepare a list the Adobe with transactions in a decrease in C 398 1 2 $ 4 % 5 6 & 7 8 9 0 Q W E R T Y U O D F G H J z X V B N