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On July 31, 2022, the general ledger ofBlossomLegal Services Inc. showed the following balances: Cash $4,800, Accounts Receivable $1,800, Supplies $600, Equipment $6,000, Accounts Payable

On July 31, 2022, the general ledger ofBlossomLegal Services Inc. showed the following balances: Cash $4,800, Accounts Receivable $1,800, Supplies $600, Equipment $6,000, Accounts Payable $4,920, Common Stock $4,200, and Retained Earnings $4,080. During August, the following transactions occurred.

Aug. 3 Collected $1,440of accounts receivable due from customers.

5 Received $1,560cash for issuing common stock to new investors.

6 Paid $3,240cash on accounts payable.

7 Performed legal services of $7,800, of which $3,600was collected in cash and the remainder was due on account.

12 Purchased additional equipment for $1,440, paying $480in cash and the balance on account.

14 Paid salaries $4,200, rent $1,080, and advertising expenses $330for the month of August.

18 Collected the balance for the services performed on August 7.

20 Paid cash dividend of $600to stockholders.

24 Billed a client $1,200for legal services performed.

26 Received

$2,400from 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 $5,400. 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 $330; it is not due until September 15.

31 Paid income tax for the month $600.

Post the August journal entries to the ledger.

Cash

Accounts Receivable

Accounts Payable

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