Shares $$5,000$; and Retained Earnings $$4,900.$ During August, the following transactions occurred:

Aug. $2$ Collected $$2,700$ of accounts receivable due from customers.

$3$ Received $$2,050$ for issuing common shares to new investors.

$6$ Paid $$4,200$ on accounts payable owing.

$7$ Earned fees of $$9,500,$ of which $$4,500$ was collected in cash and the remainder was due on account.

$13$ Purchased additional equipment for $$2,700,$ paying $$1,150$ in cash and the balance on account.

$17$ Paid salaries, $$5,000,$ rent, $$1,650,$ and advertising expenses, $$1,025,$ for the month of August.

$17$ Collected the balance of the fees earned on August $7.$

$20$ Declared and paid $$1,250$ of dividends to shareholders.

$22$ Billed a client $$4,000$ for legal services provided.

$24$ Received $$3,500$ 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 $$6,000.$

$28$ Received the utility bill for the month of August in the amount of $$1,025$; it is due September $15.$

$31$ Paid income tax for the month, $$1,250.$

Beginning with the July $31$ balances, prepare an equation analysis of the effects of the opening balances and above transactions on the accounting equation. $($If a transaction results in a decrease in Assets, Liabilities or Shareholders' Equity, place a minus sign $($or parentheses$)$ in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration $3\mathrm{.}3$ for example. Enter amounts in the order presented in the problem statement.$)$