Pharoah Co. opened on July 1, 2020. On July 31, the statement of financial position showed Cash 5,000, Accounts Receivable 1,500, Supplies 500, Equipment 5,500, Accounts Payable 4,200, Share Capital-Ordinary 4,900, and Retained Earning of 3,400 (amounts in thousands). During August, the following transactions occurred. 1. Collected 1,200 of accounts receivable. 2. Paid 2,600 cash on accounts payable. 3. Recognized revenue of 7,000, of which 1,700 is collected in cash and the balance is due in September. 4. Purchased additional equipment for 1,600, paying 500 in cash and the balance on account. 5. Paid salaries 1,900, rent for August 1,100, and advertising expenses 400. 6. Declared and paid 900 dividend. 7. Received 1,600 from Standard Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account 210.