Current Attempt in Progress Linda Williams opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,600, Accounts Receivable $1,500, Supplies $500, Equipment $6,400, Accounts Payable $3,500, and Owner's Capital $10,500. During August, the following transactions occurred. 1. 2. 3 4 Collected $1,200 of accounts receivable Paid $2.400 cash on accounts payable, Recognized revenue of $7.100, of which $3,200 is collected in cash and the balance is due in September Purchased additional equipment for $1.900. paying $400 in cash and the balance on account Paid salaries $2.500, rent for August $1,000, and advertising expenses $400. Withdrew $700 in cash for personal use. Received $1,900 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $230. 5. 6 7. 8 > - /20 Question 6 of 7 a Prepare a tabular analysis of the August transactions beginning with July 31 balances. If a transaction results in a decrease in Assets, Liabilities or Owner's Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset Liability or Equity item that was reduced. Sellustration 1-8 for example) Assets Cash Accounts Receivable Supplies E Bal 5 $ 5 Type here to search DELL . FIO F11 F12 DYSET T Insert De ! 1 @ 2 $ 4 % 5 3 & 7 6 8 ) O - Backspace Tad Q W E R Y * U O P ) Caps Lock S D F G H J K ! L En N C > B N M v. ? AR PO Alt Ctrl Poon