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Maria Miller opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,800, Supplies $400, Equipment $5,900, Accounts Payable $3,800, and Owner's Capital $9,300. During August, the following transactions occurred. 1. 2. 3. Collected $1,500 of accounts receivable. Paid $2,800 cash on accounts payable. Recognized revenue of $8,400, of which $2,500 is collected in cash and the balance is due in September. Purchased additional equipment for $2,300, paying $500 in cash and the balance on account. Pald salaries $1,900, rent for August $1,200, and advertising expenses $450. Withdrew $900 in cash for personal use. Received $1,000 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $230. 5. 6. 7. 8. Maria Miller opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,800, Supplies $400, Equipment $5,900, Accounts Payable $3,800, and Owner's Capital $9,300. During August, the following transactions occurred. 1. 2. 3. Collected $1,500 of accounts receivable. Paid $2,800 cash on accounts payable. Recognized revenue of $8,400, of which $2,500 is collected in cash and the balance is due in September. Purchased additional equipment for $2,300, paying $500 in cash and the balance on account. Pald salaries $1,900, rent for August $1,200, and advertising expenses $450. Withdrew $900 in cash for personal use. Received $1,000 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $230. 5. 6. 7. 8

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