On July 31, 2022, the general ledger ofCullumberLegal Services Inc. showed the following balances: Cash $4,960, Accounts Receivable $1,860, Supplies $620, Equipment $6,200, Accounts Payable $5,080, Common Stock $4,340, and Retained Earnings $4,220. During August, the following transactions occurred.

Aug. 3Collected $1,490of accounts receivable due from customers.5Received $1,610cash for issuing common stock to new investors.6Paid $3,350cash on accounts payable.7Performed legal services of $8,060, of which $3,720was collected in cash and the remainder was due on account.12Purchased additional equipment for $1,490, paying $500in cash and the balance on account.14Paid salaries $4,340, rent $1,120, and advertising expenses $340for the month of August.18Collected the balance for the services performed on August 7.20Paid cash dividend of $620to stockholders.24Billed a client $1,240for legal services performed.26Received $2,480from 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 $5,580. 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 $340; it is not due until September 15.31Paid income tax for the month $620.

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