Sharon Lee opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,500, Accounts Receivable $1,800, Supplies $500, Equipment $6,200, Accounts Payable $4,200, and Owner's Capital $9,800. During August, the following transactions occurred. 1. 2. 3. 4. Collected $1,500 of accounts receivable. Paid $2,500 cash on accounts payable. Recognized revenue of $7,400, of which $1,700 is collected in cash and the balance is due in September. Purchased additional equipment for $2,000, paying $300 in cash and the balance on account. Paid salaries $2,600, rent for August $1,000, and advertising expenses $350. Withdrew $1,100 in cash for personal use. Received $1,700 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $330. 5. 6. 7. 8. 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.) SHARON LEE, ATTORNEY AT LAW Assets Liabilities + Owner's Equity + Accounts Receivable + Notes Payable Accounts Payable Owner's Capital Owner's Drawings + + + + Cash Supplies Equipment Revenues Expenses Bal. $ $ $ 1. 2. 3. 4. 5. 6. 7. 8. $ $ $ SHARON LEE, ATTORNEY AT LAW Income Statement $ $ SHARON LEE, ATTORNEY AT LAW Owner's Equity Statement M M $ SHARON LEE, ATTORNEY AT LAW Balance Sheet Assets $ $ Liabilities and Owner's Equity (