Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property

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Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property that related to his professional practice, Patton Eye Clinic:

Cash, $ 2,995

Professional Equipment, $ 63,000

Office Equipment, $ 8,450

On the same date, he owed the following business creditors:

Munez Supply Company, $ 3,816

Martin Equipment Sales, $ 3,728

Compute the following amounts in the accounting equation.

Assets $______ = Liabilities $______ + Owner’s Equity $______

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College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

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Question Posted: Oct 21, 2014 02:12 AM

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Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property

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