P1-2A Judi Salem opened a law office on July 1, 2017, On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and Owner's Capital $8,800. During August, the following trans- actions occurred 1. Collected $1,200 ofaccounts receivable 2. Paid $2,800 cash on accounts payable 3. Recognized revenue of $7,500 of which $3,000 is collected in cash and the balance is due in September 4 Purchased additional equipment for $2,000, paying $400 in cash and the balance on 5. Paid salaries $2,500, rent for August $900, and advertising expenses $400 account