Sandra Robinson opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,200, Accounts Receivable $1,700, Supplies $500, Equipment $5,500, Accounts Payable $4,200, and Owner's Capital $8,700. During August, the following transactions occurred. Collected $1,400 of accounts receivable. 1. 2. Paid $2,900 cash on accounts payable. 3. Recognized revenue of $8,800, of which $2,700 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $1,500, paying $400 in cash and the balance on account. 5. Paid salaries $1,900, rent for August $1,200, and advertising expenses $300. 6. Withdrew $700 in cash for personal use. 7. Received $1,400 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $300.