Prepare an income statement for August, a retained statement for August, and balance sheet at August 31. Cindy Belton opened a Law office, Bcindy Belton, Attorney at Law, on July 1, 2008. On July 31, the balance sheet showed that cash $4000, account receivable $1,500, supplies $400, office equipment $5,000, account payable $4,200, and common stock $6,000, and retained earning $700. During August the following transaction occurred. 1. Collected $1,400 of account receivable. 2. Paid $ 2700 cash on account payable. 3. Earned revenue $7,900 of which $3,000 is collected in cash and the balance is due in September. 4. Purchase additional equipment for $1,000, paying $400 in cash and the balance on account. 5. Paid salaries $3,000, rent for August $900, and advertising expenses $250. 6. Paid cash dividends of $450. 7. Received $2,000 from Standard Ferderal Bank- money borrowed on a note payable. 8. Incurred utility expenses for month on account $180