View Policies Current Attempt in Progress Nancy Jackson opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,200, Accounts Receivable $1,900, Supplies $500, Equipment $6,300, Accounts Payable $4,300, and Owner's Capital $9,600. During August, the following transactions occurred. 1. Collected $1,600 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognized revenue of $8,500, of which $3,200 is collected in cash and the balance is due in September. Purchased additional equipment for $1,600, paying $400 in cash and the balance on account 5. Paid salaries $1,800, rent for August $1,100, and advertising expenses $350. 6. Withdrew $800 in cash for personal use. Received $1,900 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $290. 4 7. Prepare a tabular analysis of the August transactions beginning with July 31 balances. Of 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, Llability or Equity Item that was reduced. See Mllustration 1-8 for example) Assets Accounts Receivable Cash Supplies $ Bal $ 1 2 3 4 5 6. 7 8. 5 $ Prepare an income statement for August NANCY JACKSON, ATTORNEY AT LAW Income Statement Prepare an owner's equity statement for August. (List items that increase owner's equity first.) NANCY JACKSON, ATTORNEY AT LAW Owner's Equity Statement $ NANCY JACKSON, ATTORNEY AT LAW Balance Sheet Assets Liabilities and Owner's Equity S $ e Textbook and Media ype here to search e