PL-2A Analyse transactions and prepare income statement, owner's equity statement, and balance sheet. (LO3.4.5) Judi Salem opened a law office on July 1, 2017. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies S500, Equipment $6,000, Accounts Payable $4.200, and Owner's Capital 88,800. During August, the following transactions occurred. 1. Collected $1.200 of accounts receivable. 2. Paid S2,800 cash on accounts payable. 3. Recognized revenue of $7.500 of which $3,000 is collected in cash and the balance is due in September 4. Purchased additional equipment for $2.000, paying $400 in cash and the balance on account 5. Paid salaries $2.500, rent for August $900, and advertising expenses $400 6. Withdrew $700 in cash for personal use. 7. Received $2,000 from Standard Federal Bank money borrowed on a note payable. 8. Incurred utility expenses for month on account 270. Instructions (a) Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be as follows: Total assets $16.800 (b) Prepare an income statement for August, an owner's equity statement for August, and a balance sheet at August 31. Not income $3.430 loding capital S11.530