Current Attempt in Progress Mary Smith opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $ 5,000, Accounts Receivable $1,500, Supplies $ 400, Equipment $ 5,500, Accounts Payable $3,500, and Owner's Capital $ 8,900. During August, the following transactions occurred. 1. Collected $ 1,200 of accounts receivable. 2. 3. 4. 5. Paid $ 2,400 cash on accounts payable. Recognized revenue of $ 6,800 of which $ 1,500 is collected in cash and the balance is due in September. Purchased additional equipment for $1,500, paying $ 300 in cash and the balance on account. Paid salaries $ 1,700, rent for August $ 1,000, and advertising expenses $ 250. Withdrew $ 700 in cash for personal use. Received $ 1,000 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $ 170. 6. 7. . 8. MARY SMITH, ATTORNEY AT LAW Balance Sheet Assets $ $ Liabilities and Owner's Equity $ > $