On July 31, 2024, the general ledger of Pharoah Legal Services Inc. showed these balances: Cash $4,600; Accounts Receivable $2,100; Supplies $1,100; Equipment $5,600; Accounts Payable $5,300; Common Shares $4,100; and Retained Earnings $4,000. During August, the following transactions occurred: Aug. 2 Collected $1,800 of accounts receivable due from customers. 3 Received $1,600 for issuing common shares to new investors. 6 Paid $3,300 on accounts payable owing. 7 Earned fees of $7,700, of which $3,600 was collected in cash and the remainder was due on account. 13 Purchased additional equipment for $1,800, paying $700 in cash and the balance on account. 17 Paid salaries, $4,100, rent, $1,200, and advertising expenses, $575, for the month of August. 17 Collected the balance of the fees earned on August 7. 20 Declared and paid $800 of dividends to shareholders. 22 Billed a client $2,200 for legal services provided. 24 Received $2,600 from Laurentian Bank; the money was borrowed on a bank loan payable that is due in six months. 27 Signed an engagement letter to provide legal services to a client in September for $5,100. 28 Received the utility bill for the month of August in the amount of $575; it is due September 15. 31 Paid income tax for the month, $800