Michelle Walker Opened a law office on July 1, 2020. On July 31, the balance sheet showed
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Question:
Michelle Walker Opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5300, Accounts Receivable$2000, Supplies $500, Equipment $6100, Accounts Payable $3500, and Owners Capital$10,400. During August the following transactions occurred.
- Collected $1700 of account receivable
- Paid $2400 cash on accounts payable
- Recognized revenue of $7300, of which $2900 is collected in cash and the balance is due in September
- Purchased additional equipment for $2100 paying $300 cash and the balance on account.
- Paid salaries $2300, rent for August $1200, and advertising expenses $450
- Withdrew $800 in cash for personal use
- Received $1900 from Standard Federal Bank-money borrowed on a note payable
- Incurred utility expenses for month on account $230
Prepare tabular analysis of the August transactions beginning with July 31 balances
I'm having a hard time getting the tabular analysis to balance and have been trying for 2 hours so I thought I'd get some help. Thanks
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