Cindy Braun created a corporation providing legal services, Cindy Braun Inc., on July 1, 2014. On July 31 the balance sheet showed: Cash $ 2,000 ; Accounts Receivable $ 5,000 ; Supplies $ 400 ; Equipment $5,000 ; Accounts Payable $ 6,000 ; Common Stock $ 9,000 ; and Retained Earnings $ 1,000 . During July the following transactions occurred.
Create a tabular analysis, income statement, retained earnings, and balance sheet.
| Aug. 1 |
Collected $ 2,000 of accounts receivable due from customers. |
| 4 |
Paid $ 1,000 cash for accounts payable due. |
| 9 |
Performed services worth $ 7,000 , of which $ 2,600 is collected in cash and the balance is due in September. |
| 15 |
Purchased additional office equipment for $ 2,500 , paying $ 390 in cash and the balance on account. |
| 19 |
Paid salaries $ 2,000 , rent for August $ 200 , and advertising expenses $ 150 . |
| 23 |
Paid a cash dividend of $ 550 . |
| 26 |
Borrowed $ 5,000 from Standard Federal Bank; the money was borrowed on a 4-month note payable. |
| 31 |
Incurred utility expenses for the month on account $ 150 .
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