q2

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 (a) Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) Assets Accounts Receivable Cash Supplies Equip Bal. $ $ 1. 2. 3. 4. 5. 6. 7. 8. $ $ $ $ Question 2 of 6