Dr. Patricia Parsons is a dentist. As of January 31, Parsons owned the following property that related to her professional practice:
Cash $3,560
Office Equipment 4,600
X-ray Equipment 8,760
Laboratory Equipment 5,940
She also owes the following business suppliers:
Cupples Gas Company $1,815
Swan Dental Lab 2,790
REQUIRED
1. From the preceding information, compute the accounting elements and enter them in the accounting equation as shown below.

2. During February, the assets increase by $4,565, and the liabilities increase by $3,910. Compute the resulting accounting equation.
3. During March, the assets decrease by $2,190, and the liabilities increase by $1,650. Compute the resulting accountingequation.

Transcribed Image Text:

Owner's Equity Assets Liabilities %3D