Problem 1-02A a,bi-b3 (Video) Linda Williams opened a low office on July 1, 2020. On July 31, the balance sheet showed Cash $5,600, Accounts Receivable $1,500, Supplies 5500, Equipment $6,400, Accounts Payable $3,500 and Owner's Capital $10,500. During August, the following transactions occurred. 1. Collected $1,200 of accounts receivable. 2. Paid $2,400 cash on accounts payable 3. Recognized revenue of 57,100, of which $3,200 is collected in cash and the balance is due in September 1. Purchased adational equipment for $1,900, paying 1400 in cash and the balance on account 15 Pald salaries $2.500, rent for August $1,000, and advertising expenses $400. 6. Withdrew $700 in cash for personal use. 7 Received $1,900 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $230. PRINTER VERSION BACK NEXT Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities ar Owner's Equity, place a negatives Yor parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example) LINDA WILLIAMS, ATTORNEY AT LAW Assets Liabilities Owners Equity Accounts Notes Accounts Owner's Owner's Cash Receivable Supplies Equipment Payable Payable Capital Drawings Revenues Expense Bal 5600 1500 500 6400 3500 $ $ $ 10500 $ + 1. 1200 -1200 2. -2400 -2400 3200 3900 7100 4 -400 1500 - 3900 6. -700 7. 1900 1900 230 -230 4500 4200 500 28130 Prepare an income statement for August. LINDA WILLIAMS, ATTORNEY AT LAW Income Statement For the Month Ended August 31, 2020 y. Revenues Expenses Total Expenses Net Income / (LOSS) $ ES Prepare an owner's equity statement for August. (List Items that increase owner's equity first.) LINDA WILLIAMS, ATTORNEY AT LAW Owner's Equity Statement For the Month Ended August 31, 2020 ady Prepare a balance sheet at August 31. (List Assets in order of liquidity.) LINDA WILLIAMS, ATTORNEY AT LAW Balance Sheet August 31, 2020 Assets lo V Ulabilities and Owner's Equity