Ruth Lewis opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,700, Supplies $500, Equipment $5,700, Accounts Payable $3,600, and Owner's Capital $9,300. During August, the following transactions occurred. 1. Collected $1,400 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognized revenue of $7,700, of which $2,500 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2,100, paying $500 in cash and the balance on account. 5. Paid salaries $1,700, rent for August $1,100, and advertising expenses $350. 6. Withdrew $700 in cash for personal use. 7. Received $1,600 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $180. (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.)