Dr. John Salvaggi is a chiropractor. As of December 31, he owned the following property that related
Fantastic news! We've Found the answer you've been seeking!
Question:
Dr. John Salvaggi is a chiropractor. As of December 31, he owned the following property that related to his professional practice.
Cash | $3,571 | |
Office Equipment | 6,441 | |
X-ray Equipment | 10,053 | |
Laboratory Equipment | 6,732 |
He also owes the following business suppliers:
Chateau Gas Company | $3,325 | |
Aloe Medical Supply Company | 4,233 |
Required:
1. From the preceding information, compute the accounting elements and enter them in the accounting equation shown as follows.
Assets | = | Liabilities | + | Owner's Equity |
$fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
2. During January, the assets increase by $8,626, and the liabilities increase by $3,300. Compute the resulting accounting equation.
Assets | = | Liabilities | + | Owner's Equity |
$fill in the blank 4 | $fill in the blank 5 | $fill in the blank 6 |
3. During February, the assets decrease by $3,503, and the liabilities increase by $1,971. Compute the resulting accounting equation.
Assets | = | Liabilities | + | Owner's Equity |
$fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 |
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date: