Reference no: EM132994663
Barbara Jones opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $ 6,000, Accounts Receivable $ 1,600, Supplies $ 400, Equipment $ 6,000, Accounts Payable $ 4,000, and Owner's Capital $ 10,000.
During August, the following transactions occurred.
1. Collected $ 1,300 of accounts receivable.
2. Paid $ 2,500 cash on accounts payable.
3. Recognized revenue of $ 8,700 of which $ 2,100 is collected in cash and the balance is due in September.
4. Purchased additional equipment for $ 2,500, paying $ 500 in cash and the balance on account.
5. Paid salaries $ 2,200, rent for August $ 1,200, and advertising expenses $ 450.
6. Withdrew $ 800 in cash for personal use.
7. Received $ 1,700 from Standard Federal Bank-money borrowed on a note payable.8.Incurred utility expenses for month on account $ 370.
Problem (a) Prepare a tabular analysis of the August transactions beginning with July 31 balances.
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