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Dorothy Taylor 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 September. 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 advertising 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 1. 2. 3. 4. 5. 6. 7. 1500 3350 700 1900 B. Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See lllustration 1-8 for example.) Revenues $ Expenses $ 7700 $ 7700$ DOROTHY TAYLOR, ATTORNEY AT LAW Income Statement For the Year Ended August 31. 2022 I $ Prepare an owner's equity statement for August. (List items that increase owner's equity first.) Liabilities and Owner's Equity eTextbook and Media

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