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Please solve this question for me ts. P1-5A Julie Szo operates a law office under the name Julie Szo, Barrister & Solicitor. On July 31,
Please solve this question for me ts. P1-5A Julie Szo operates a law office under the name Julie Szo, Barrister & Solicitor. On July 31, 2003, the balance sheet showed Cash $4,000; Accounts Receivable $1,500; Supplies $500; Office Equipment $5,000; Accounts Payable $4,200; and Julie Szo, Capital $6,800. During August the fol- lowing transactions occurred: Aug. 4 Collected $1,400 of accounts receivable. 7 Paid $2,700 cash on accounts payable. 8 Earned fees of $6,400, of which $3,000 is collected in cash and the balance is due in September 12 Purchased additional office equipment for $1,000, paying $400 in cash and the balance on account. 15 Paid salaries, $2,500; rent for August, $900; and advertising expenses, $350. 20 Withdrew $550 in cash for personal use. 26 Received $2,000 from the Bank of Montreal-money borrowed on a note payable. 29 Incurred utility expenses for the month on account, $250. Instructions (a) Beginning with July the 31 balances, prepare a tabular analysis of the August transactions. The column headings should be as follows: Cash + Accounts Receivable + Supplies + Office Equipment = Notes Payable + Accounts Payable + Julie Szo, Capital. (b) Prepare an income statement for August, a statement of owner's equity for August, and a bal- ance sheet at August 31, 2003
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