Question 107.20 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. 20 8 22 24 Paid salaries, $3,500, rent, $700, and advertising expenses, $275, for the month of August Collected the balance of the fees earned on August 7. Declared and paid $500 of dividends to shareholders. Billed a client $1,000 for legal services provided. Received $1,600 from Laurentian Bank: the money was borrowed on a bank loan payable that is due in six months. Signed an engagement letter to provide legal services to a client in September for $4,400. Received the utility bill for the month of August in the amount of $275; it is due September 15. Paid income tax for the month, $500