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Judi Salem opened a law office on July 1, 2017

Accounting

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Judi Salem opened a law office on July 1, 2017. On July 31, the balance sheet showed Cash $5,300, Accounts Receivable $1,900, Supplies $600, Equipment $6,000, Accounts Payable $4,000, and Owner’s Capital $9,800. During August, the following transactions occurred.

1. Collected $1,600 of accounts receivable.2. Paid $3,000 cash on accounts payable.3. Recognized revenue of $7,300, of which $1,900 is collected in cash and the balance is due in September.4. Purchased additional equipment for $1,900, paying $400 in cash and the balance on account.5. Paid salaries $1,700, rent for August $1,100, and advertising expenses $350.6. Withdrew $700 in cash for personal use.7. Received $1,600 from Standard Federal Bank—money borrowed on a note payable.8. 

Incurred utility expenses for month on account $270.

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