Sharon Lee opened a law office on July 1, 2022. 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. Collected $1,500 of accounts receivable. 2. Paid $2,500 cash on accounts payable. 3. Recognized revenue of $7,400 of which $1,700 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2,000, paying $300 in cash and the balance on account. 5. Paid salaries $2,600, rent for August $1,000, and advertising expenses $350. 6. Withdrew $1,100 in cash for personal use. 7. Received $1,700 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $330. 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.) Bal. 1. 2. 3. 4. 5. 6. 7. 8. Assets Accounts Cash Receivable Supplies