Prob. 2 Judi Salem opened a law offi ce 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. 1. During August, the following transactions occurred. 2. Collected $1,200 of accounts receivable. 3. Paid $2,800 cash on accounts payable. 4. Recognized revenue of $7,500 of which $3,000 is collected in cash and the balance is due in September 5. Purchased additional equipment for $2,000, paying $400 in cash and the balance on account. 6. Paid salaries $2,500, rent for August $900, and advertising expenses $400. 7. Withdrew $700 in cash for personal use. 8. Received $2,000 from Standard Federal Bank- money borrowed on a note payable. 9. Incurred utility expenses for month on account $270. Instructions a. Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be as follows: Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Owner's Capital - Owner's Drawings + Revenues - Expenses. b. Prepare an income statement for August, an owner's equity statement for August, and a balance sheet at August 31