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On July 31, 2017, the general ledger of Skysong, Inc. showed the following balances: Cash $3,440, Accounts Receivable $1,290, Supplies $430, Equipment $4,300, Accounts Payable

On July 31, 2017, the general ledger of Skysong, Inc. showed the following balances: Cash $3,440, Accounts Receivable $1,290, Supplies $430, Equipment $4,300, Accounts Payable $3,530, Common Stock $3,010, and Retained Earnings $2,920. During August, the following transactions occurred.

Aug. 3 Collected $1,030 of accounts receivable due from customers.
5 Received $1,120 cash for issuing common stock to new investors.
6 Paid $2,320 cash on accounts payable.
7 Performed legal services of $5,590, of which $2,580 was collected in cash and the remainder was due on account.
12 Purchased additional equipment for $1,030, paying $340 in cash and the balance on account.
14 Paid salaries $3,010, rent $770, and advertising expenses $235 for the month of August.
18 Collected the balance for the services performed on August 7.
20 Paid dividends of $430 to stockholders.
24 Billed a client $860 for legal services performed.
26 Received $1,720 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months.
27 Agreed to perform legal services for a client in September for $3,870. The client will pay the amount owing after the services have been performed.
28 Received the utility bill for the month of August in the amount of $235; it is not due until September 15.

Using T-accounts, enter the beginning balances to the ledger.

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