Question 1 of 4 10/20 E On July 31, 2021, the general ledger of Wildhorse Inc. showed these balances: Cash $3,700; Accounts Receivable $1.600. Supplies $400: Equipment $5,400: Accounts Payable $4,900; Common Shares $3,200; and Retained Earnings $3,000. During August, the following transactions occurred: Aug 2 Collected $1,300 of accounts receivable due from customers 3 Received $1,900 for issuing common shares to new investors 6 Paid $3,000 on accounts payable owing 7 Earned fees of $6.400, of which $2.900 was collected in cash and the remainder was due on account. 13 Purchased additional equipment for $1,200,paying $300 in cash and the balance on account. 17 Paid salaries $3,500, rent, $700, and advertising expenses. $275, for the month of August. 17 Collected the balance of the fees earned on August 7, 20 Declared and paid $500 of dividends to shareholders. 22 Billed a client $1,000 for legal services provided 24 Received $1.600 from Laurentian Bank; the money was borrowed on a bank loan payable that is due in six months 27 Signed an engagement letter to provide legal services to a client in September for $4,400. 28 Received the utility bill for the month of August in the amount of $275; it is due September 15. 31 Paid income tax for the month, $500