On July 31, 2018, the general ledger of Pharoah Legal Services Inc. showed the following balances: Cash $3,920, Accounts Receivable $1,500, Supplies $530, Equipment $4,980, Accounts Payable $4,020, Common Stock $3,430, and Retained Earnings $3,330. During August, the following transactions occurred.

Aug. 3		Collected $1,180 of accounts receivable due from customers.
5		Received $1,270 cash for issuing common stock to new investors.
6		Paid $2,650 cash on accounts payable.
7		Performed legal services of $6,370, of which $2,940 was collected in cash and the remainder was due on account.
12		Purchased additional equipment for $1,180, paying $390 in cash and the balance on account.
14		Paid salaries $3,430, rent $880, and advertising expenses $270 for the month of August.
18		Collected the balance for the services performed on August 7.
20		Paid cash dividend of $490 to stockholders.
24		Billed a client $980 for legal services performed.
26		Received $1,960 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months.
27		Agreed to perform legal services for a client in September for $4,410. The client will pay the amount owing after the services have been performed.
28		Received the utility bill for the month of August in the amount of $270; it is not due until September 15.
31		Paid income tax for the month $490.

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