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  3. 1. 2. donna clark opened a law office on july 1, 2

1. 2. Donna Clark opened a law office on July 1, 2020. On July 31,...

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Accounting

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1. 2. Donna Clark opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,700, Accounts Receivable $1,500, Supplies $500, Equipment $6,500, Accounts Payable $3,900, and Owner's Capital $10,300. During August, the following transactions occurred. Collected $1,200 of accounts receivable. Paid $2,400 cash on accounts payable. 3. Recognized revenue of $7,500, of which $2,900 is collected in cash and the balance is due in September Purchased additional equipment for $2,200, paying $400 in cash and the balance on account Paid salaries $1,800, rent for August $1,000, and advertising expenses $300. 6. Withdrew $900 in cash for personal use. 7. Received $1,200 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $340. 4. 5. 8. (a) 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 Illustration 1-8 for example.) Assets + Accounts Receivable + Cash Supplies Equip Bal. $ $ $ $ 1. 2. 3. 4. 5. 6. 7. 8. $ $ $ $

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