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. 1 2 3. 4 Collected $1,400 of accounts receivable. Paid $2,400 cash on accounts payable. 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. 5. 6. 7. Received $2.000 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $210.