On July 31, 2021, the general ledger of Oriole Inc. showed these balances: Cash $4,300; Accounts Receivable $1,100; Supplies $1,100; Equipment $5,000; Accounts Payable $4,200; Common Shares $3,400; and Retained Earnings $3,900. During August, the following transactions occurred: Aug. 2 Collected $1,300 of accounts receivable due from customers. 3 Received $700 for issuing common shares to new investors. Paid $2,300 on accounts payable owing. 7 Earned fees of $6,400, of which $3,200 was collected in cash and the remainder was due on account. 13 Purchased additional equipment for $1,200, paying $400 in cash and the balance on account. 17 Paid salaries, $3,200, rent, $900, and advertising expenses, $275, for the month of August. 17 Collected the balance of the fees earned on August 7. 20 Declared and paid $500 of dividends to shareholders. 22 Billed a client $1,000 for legal services provided. 24 27 Received $2,400 from Laurentian Bank; the money was borrowed on a bank loan payable that is due in six months. Signed an engagement letter to provide legal services to a client in September for $5,000. 28 Received the utility bill for the month of August in the amount of $275; it is due September 15. 31 Paid income tax for the month, $500. (a) Beginning with the July 31 balances, prepare an equation analysis of the effects of the opening balances and above transactions on the expanded accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Shareholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3.2 for example.)