ssets Liabilities On July 31, 2024, the general ledger of Ivanhoe Legal Services Inc. showed these balances: Cash $5,500; Accounts Receivable $3,000; Supplies $2,000; Equipment $6,500; Accounts Payable $7,100; Common 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. Shareholders' Equity Retained Earnings 3 6 7 13 17 17 20 22 24 28 31 Aug. 31 Bal