Current Attempt in Progress Elizabeth Brown opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,300, Accounts Receivable $1,700, Supplies $600, Equipment $6,300, Accounts Payable $3,800, and Owner's Capital $10,100. During August, the following transactions occurred. Collected $1,400 of accounts receivable. 1 2. Paid $2,400 cash on accounts payable. 3. 5. 6. 8. 3456700 Recognized revenue of $8,200, of which $2,900 is collected in cash and the balance is due in September. Purchased additional equipment for $2,500, paying $400 in cash and the balance on account Paid salaries $2,700, rent for August $1,200, and advertising expenses $450. Withdrew $1,100 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 $210.