On July 31.2017, the general ledger of Kingbird, Inc.showed the following balances: Cash $4,800, Accounts Receivable $ 1,800, Supplies $ 600, Equipment $ 6.,00 Accounts Payable $ 4,920, Common Stock $ 4,.200, and Retained Earnings $4,080. During August, the following transactions occurred. Aug. 3 Collected $ 1.440 of accounts receivable due from customers. 5 Received $ 1,560 cash for issuing common stock to new investors 6 Paid $ 3,240 cash on accounts payable. 7 Performed legal services of $ 7.800, of which $ 3,600 was collected in cash and the remainder was due on account 12 Purchased additional equipment for $ 1,440,paying $ 480 in cash and the balance on account. 14 Paid salaries $ 4,200, rent $ 1,080, and advertising expenses $ 330 for the month of August. 18 Collected the balance for the services performed on August 7, 20 Paid dividends of $ 600 to stockholders 24 Billed a client $1,200 for legal services performed. 6 Received $ 2,400 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months 27 Agr eed 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