On July 31, 2021, the general ledger of Wildhorse Inc. showed these balances: Cash $3.700: Accounts Receivable $1,600; Supplies $400, Equipment $5,400, Accounts Payable $4,900 Common Shares $2.200; and Retained Earnings $3,000. During August, the following transactions occurred: Aug 2 Collected $1,300 of accounts receivable due from customers. 3 Received $1,900 for issuing common shares to new investors. 6 Paid $3,000 on accounts payable owing. 7 Earned fees of $6,400, of which $2,900 was collected in cash and the remainder was due on account. 13 Purchased additional equipment for $1,200, paying $300 in cash and the balance on account. 17 Paid salaries $3,500, rent, $700, 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 Received $1,600 from Laurentian Bank; the money was borrowed on a bank loan payable that is due i 27 Signed an engagement letter to provide legal services to a client in September for $4,400. 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 in six months.