View Policies Current Attempt in Progress On July 31, 2021, the general ledger of Ivanhoe Inc. showed these balances: Cash $4,400: Accounts Receivable $1.400; Supplies $700: Equipment $4,800: Accounts Payable $4.200; Common Shares $3,400; and Retained Earnings $3.700. During August, the following transactions occurred: Aug 3 6 7 13 17 17 2 Collected $1,500 of accounts receivable due from customers. Received $1.400 for issuing common shares to new investors. Paid $2,500 on accounts payable owing. Earned fees of $6,400, of which $2,500 was collected in cash and the remainder was due on account Purchased additional equipment for $1,300, paying $400 in cash and the balance on account. Paid salaries $3,900, rent, $700, and advertising expenses. $275, for the month of August. Collected the balance of the fees earned on August 7. 20 Declared and paid $500 of dividends to shareholders. Billed a client $1,000 for legal services provided. Received $2.500 from Laurentian Bank the money was borrowed on a bank loan payable that is due in six months. Signed an engagement letter to provide legal services to a client in September for $4,500. 28 Received the utility bill for the month of August in the amount of $275; it is due September 15. Paid income tax for the month $500. 22 24 27 31 (a) Beginning with the July 31 balances, prepare an equation analysis of the effects of the opening balances and above transactions on the expanded accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Shareholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Ascet. Lability or Faulty item that women aestion 6 of 6 - /0.5 Beginning with the Joly 31 balances, prepare an equation analysis of the effects of the opening balances and above transaction on the expanded accounting equation of a transaction causes o decrease in Assets, Liabilities or Shareholders' Equity, place a negath sign for parentheses) In front of the amount entered for the particular Asset, Liability or Equity Item that was reduced. See Mustration 3 for example) Assets Cash Accounts Receivable + Supplies July 31 Bal $ Aug 2 3 6 7 13 22 24 21 Beginning with the July 31 balances, prepare an equation analysis of the effects of the opening balances and above transactions on the expanded accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Shareholders' Equity, ploce a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3.2 for omple Assets Cash Accounts Receivable Supplies $ $ July 31 Bal Aug 2 3 6 7 13 17 17 20 22 24 28 31 Aug 31 Bal e Textbook and Media - 70.5 View Policies Current Attempt in Progress On July 31, 2021, the general ledger of Ivanhoe Inc. showed these balances: Cash $4,400; Accounts Receivable $1,400; Supplies $700: Equipment $4,800; Accounts Payable $4, 200; Common Shares $3,400; and Retained Earnings $3,700. During August, the following transactions occurred: Aug 2 3 7 13 Collected $1.500 of accounts receivable due from customers. Received $1,400 for issuing common shares to new investors. Paid $2.500 on accounts payable owing. Earned fees of $6,400, of which $2,500 was collected in cash and the remainder was due an account. Purchased additional equipment for $1,300. paying $400 in cash and the balance on account Paid salaries, $3.900, rent, $700, and advertising expenses, $275, for the month of August. Collected the balance of the fees earned on August 7. Declared and paid $500 of dividends to shareholders. Billed a client $1,000 for legal services provided. Received $2,500 from Laurentian Bank the money was borrowed on a bank loan payable that is due in six months. Signed an engagement letter to provide legal services to a client in September for $4.500. Received the utility bill for the month of August in the amount of $275: it is due September 15. Paid income tax for the month. $500 20 22 24 27 28 31 (a) Beginning with the July 31 balances, prepare an equation analysis of the effects of the opening balances and above transactions on the expanded accounting equation (If a transaction causes a decrease in Assets, Liabilities or Shareholders' Equity place a negative Illustration