Transaction Analysis and Trial Balance Pam Brown owns Art Graphics, a firm providing designs for advertisers and market analysts. On July 1, the business's general ledger showed the following normal account balances: $6,800 Accounts Payable $2,100 3,300 2,000 9,200 $16,600 Cash Accounts Receivable 9,800 Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Total Assets $16,600 The following transactions occurred during the month of July: Paid July rent, $510. 2 Collected $7,100 on account from customers. 3 Paid $1,800 installment due on the $3,300 noninterest-bearing note payable. 4 Billed customers for design services rendered on account, $16,550. 5 Rendered design services and collected from cash customers, $1,200. 6 Paid 1,400 to creditors on account. 7 Collected $12,750 on account from customers. 8 Paid a delivery service for delivery of graphics to commercial firms, $650. 9 Paid July salaries, $4,600. July 1 10 Received invoice for July advertising expense, to be paid in August, $600. 11 Paid utilities for July, $250. 12 Paid stockholders a dividend of $2,000 cash. 13 Received invoice for supplies used in July, to be paid in August, $2,260. 14 Purchased computer for $6,300 cash to be used in business starting next month