On July 31, 2017, the general ledger of Pharoah Legal Services Inc. showed the following balances: Cash $3,360, Accounts Receivable $1,260, Supplies $420, Equipment $4,200, Accounts Payable $3,440, Common Stock $2,940, and Retained Earnings $2,860. During August, the following transactions occurred.

Aug. 3Collected $1,010 of accounts receivable due from customers.5Received $1,090 cash for issuing common stock to new investors.6Paid $2,270 cash on accounts payable.7Performed legal services of $5,460, of which $2,520 was collected in cash and the remainder was due on account.12Purchased additional equipment for $1,010, paying $340 in cash and the balance on account.14Paid salaries $2,940, rent $760, and advertising expenses $230 for the month of August.18Collected the balance for the services performed on August 7.20Paid cash dividend of $420 to stockholders.24Billed a client $840 for legal services performed.26Received $1,680 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months.27Agreed to perform legal services for a client in September for $3,780. The client will pay the amount owing after the services have been performed.28Received the utility bill for the month of August in the amount of $230; it is not due until September 15.31Paid income tax for the month $420.