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Dorothy Tayior opened a law office on July 1,2022 On July 31 , the balance...

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Accounting

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Dorothy Tayior opened a law office on July 1,2022 On July 31 , the balance sheet showed Cash $5,900, Accounts Receivable $1,800, Supplies $400, Equipment $6,400, Accounts Payable $4,300, and Owner's Capital $10,200. During August, the following transactions occurred. 1. Collected $1.500 of accounts receivable. 2. Paid $2,700 cash on accounts payable. 3. Recognized revenue of $7,700 of which $2,800 is collected in cash and the balance is due in S eptember. 4. Purchased additional equipment for $1,700, paying $300 in cash and the balance on account. 5. Paid salaries $1,900, rent for August $1,100, and advertisit g expenses $350. 6. Withdrew $700 in cash for personal use. 7. Received $1,900 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $280 Assets Owner's Equity Prepare an incomestatement for August

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