On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheffield Ltd. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Deferred revenue Equipment Interest receivable Note receivable, due October 31, 2021 Retained earnings Salaries payable Supplies $2,440 4,310 1,860 5,660 12,200 1,270 10,200 21 4,200 6,021 1,550 950 During August, the following summary transactions were completed. Aug. 1 3 6 10 13 15 Paid $420 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) Paid August rent $370. (Hint: Use the Prepaid Rent account.) Received $2,980 cash from customers in payment of accounts. Paid $3,240 for salaries due employees, of which $1,690 is for August and $1,550 is for July salaries payable. Received $3.460 cash for services performed in August. Purchased additional equipment on account $1,810. Paid creditors $1,810 of accounts payable due. Purchased supplies on account $790. Paid salaries $2,640. Performed services worth $4,660 on account and billed customers. Received $710 from customers for services to be provided in the future. Declared and paid a $460 dividend. 17 22 24 27 29 31 Prepare a statement of changes in equity. SHEFFIELD LTD. Statement of Changes in Equity Month Ended August 31, 2021 Common Shares Retained Earnings Total Equity Balance, Aug. 1 $ 12200 $ 6021 $ 18221 Net Income