Ivanhoe Co. opened on July 1, 2020. On July 31, the statement of financial position showed Cash ¥5,300, Accounts Receivable ¥1,900,
Supplies ¥600, Equipment ¥6,200, Accounts Payable ¥4,400, Share Capital-Ordinary ¥3,600, and Retained Earning of ¥6,000
(amounts in thousands). During August, the following transactions occurred.
1. Collected ¥1,600 of accounts receivable.
2. Paid ¥2,900 cash on accounts payable.
3. Recognized revenue of ¥7,800, of which ¥2,600 is collected in cash and the balance is due in September.
4. Purchased additional equipment for ¥2,200, paying ¥500 in cash and the balance on account.
5. Paid salaries ¥1,700, rent for August ¥1,200, and advertising expenses ¥300.
6. Declared and paid ¥1,100 dividend.
7. Received ¥1,500 from Standard Bank-money borrowed on a note payable.
8. Incurred utility expenses for month on account ¥240.