Sonya Jared opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies $500 Equipment 56.000, Accounts Payable $4,200, and Owner's Capital 58,800. During August, the following transactions occurred Collected $1.200 of accounts receivable Paid $2.800 cash on accounts payable Recognized revenue of $7.500 of which $4.000 is collected in cash and the balance is due in September Purchased additional equipment for $2.000 paying $400 in cash and the balance on account Paid salaries $2,800, rent for August 5900, and advertising expenses 5400 Withdrew $700 in cash for personal use Received $2.000 from Standard Federal Bank-money borrowed on a note payable Incurred utility expenses for month on account 5270 Sonya Jared opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies $500 Equipment 56.000, Accounts Payable $4,200, and Owner's Capital 58,800. During August, the following transactions occurred Collected $1.200 of accounts receivable Paid $2.800 cash on accounts payable Recognized revenue of $7.500 of which $4.000 is collected in cash and the balance is due in September Purchased additional equipment for $2.000 paying $400 in cash and the balance on account Paid salaries $2,800, rent for August 5900, and advertising expenses 5400 Withdrew $700 in cash for personal use Received $2.000 from Standard Federal Bank-money borrowed on a note payable Incurred utility expenses for month on account 5270