Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions July 1 Invested $15,000 cash in the business. 1 Purchased a used sewing machine for $10,000, paying $2,500 cash and the balance on account. 3 Purchased supplies for $700 on account. 5 Paid $1,440 on a 1-year insurance policy, effective July 1. 12 Billed customers $3,500 for decorating services. 18 Paid $1,000 of amount owed on sewing machine, and $200 of amount owed on supplies. 20 Paid $1,500 for employee salaries. 21 Collected $1,500 from customers billed on July 12 . 25 Billed customers $1,500 for decorating services. 31 Paid utilities for the month, $200. 31 Withdrew $500 cash for personal use. SMITH INTERIOR DECORATING SERVICE Owner's Equity Statement For the Month Ended July 31, 2022 ; Owner's Capital, July 1 : $ Add ; : Net lncome / (Loss) $ Total Expenses Owner's Capital, July 31