Assets 7/31 Bal. \$ Aug. 1 4 9 15 19 23 26 31 8/31 Bal. + Accounts Receivable + $ $ Supplies $ Supplies + 2 Michelle Crawford created a corporation providing legal services, Michelle Crawford Inc., on July 1, 2022. On July 31 the balance sheet showed Cash $4,800, Account Receivable $3,000, Supplies $600, Equipment $6,000, Accounts Payable $5,040, Common Stock $7,440, and Retained Earnings $1,920. During August, the following transactions occurred. Aug. 1 Collected $1,320 of accounts receivable due from customers. 4 Paid $3,240 cash for accounts payable due. 9 Performed services worth $6,480, of which $4,320 is collected in cash and the balance is due in September. 15 Purchased additional office equipment for $4,800, paying $840 in cash and the balance on account. 19 Paid salaries $1,680, rent for August $840, and advertising expenses $420. 23 Paid a cash dividend of $840. 26 Borrowed $6,000 from American Federal Bank, the money was borrowed on a 4-month note payable. 31 Incurred utility expenses for the month on account $464
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