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.|
Incurred utility expenses for month on account $270.
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