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. 2 3. 4. Collected $1,500 of accounts receivable Pald $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 5 6. 17. 8. Incurred utility expenses for month on account $ 330 SHARON LEE, ATTORNEY AT LAW Income Statement