ork 1 Question 7 of 7 4.85/10 View Policies Show Attempt History Current Attempt in Progress Dorothy Taylor opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5.900, Accounts Receivable $ 1,800, Supplies $ 400, Equipment $ 6,400, Accounts Payable $4,300, and Owner's Capital $ 10,200. During August, the following transactions occurred 1. 2 3. 4. Collected $ 1.500 of accounts receivable. Paid $ 2,700 cash on accounts payable. Recognized revenue of $ 7,700 of which $ 2,800 is collected in cash and the balance is due in September. Purchased additional equipment for $1.700, paying $ 300 in cash and the balance on account Paid salaries $ 1.900, rent for August $ 1.100, and advertising expenses $ 350. Withdrew $ 700 in cash for personal use. Received $ 1.900 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $ 280. 5. 6. 7. 8. (a) (b2) Prepare an owner's equity statement for August. (List items that increase owner's equity first.) DOROTHY TAYLOR, ATTORNEY AT LAW Owner's Equity Statement For the Year Ended August 31, 2022 August 31, 2022 For the Month Ended August 31, 2022 $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (63)