q2 part b

Owner's Equity Supplies 300 Notes Payable Owner's Drawings Revenge Equipment 6500 Accounts Payable 4200 Owner's Capital 10600 Expenses -2500 Assets Liabilities Cash Accounts Receivable B5900 1900 1 1600 -1600 -2500 3 3400 5100 4 -500 5 -3850 6 -1100 7 1300 8500 1900 1400 -3850 -1100 1300 280 3380 -280 -4130 4250 5400 500 8400 1300 10600 -1100 8500 Question 2 of 6 > -/1 E View Policies Current Attempt in Progress 1. 2 Betty Harris opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5.900, Accounts Receivable $1.900, Supplies $500. Equipment $6,500, Accounts Payable $4,200, and Owner's Capital $10,600. During August, the following transactions occurred. Collected $1,600 of accounts receivable. Paid $2,500 cash on accounts payable. Recognized revenue of $8,500, of which $3,400 is collected in cash and the balance is due in September. Purchased additional equipment for $1.900, paying $500 in cash and the balance on account Pald salaries $2,300, rent for August $1,200, and advertising expenses $350. Withdrew $1.100 in cash for personal use. Received $1,300 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $280. 3 4. 5. 6. 7 8 D Seduction.wey.com Wom NWPantalon Chapter 1 Question 2 of 6 0.25/1 (51 Prepare an income statement for August BETTY HARRIS, ATTORNEY AT LAW Income Statement Textbook and Media List of Accounts Owner's Equity Supplies 300 Notes Payable Owner's Drawings Revenge Equipment 6500 Accounts Payable 4200 Owner's Capital 10600 Expenses -2500 Assets Liabilities Cash Accounts Receivable B5900 1900 1 1600 -1600 -2500 3 3400 5100 4 -500 5 -3850 6 -1100 7 1300 8500 1900 1400 -3850 -1100 1300 280 3380 -280 -4130 4250 5400 500 8400 1300 10600 -1100 8500 Question 2 of 6 > -/1 E View Policies Current Attempt in Progress 1. 2 Betty Harris opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5.900, Accounts Receivable $1.900, Supplies $500. Equipment $6,500, Accounts Payable $4,200, and Owner's Capital $10,600. During August, the following transactions occurred. Collected $1,600 of accounts receivable. Paid $2,500 cash on accounts payable. Recognized revenue of $8,500, of which $3,400 is collected in cash and the balance is due in September. Purchased additional equipment for $1.900, paying $500 in cash and the balance on account Pald salaries $2,300, rent for August $1,200, and advertising expenses $350. Withdrew $1.100 in cash for personal use. Received $1,300 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $280. 3 4. 5. 6. 7 8 D Seduction.wey.com Wom NWPantalon Chapter 1 Question 2 of 6 0.25/1 (51 Prepare an income statement for August BETTY HARRIS, ATTORNEY AT LAW Income Statement Textbook and Media List of Accounts