Set up T-accounts for all items on the balance sheet that follows and record the balance of each account.

1. 

Transcribed Image Text:

Cash Assets Accounts Receivable Dental Supplies Equipment Automobile Lily Wong Dental Clinic Balance Sheet As at October 1, 20-- Liabilities $ 5 000 8 000 2000 60 000 38 000 Accounts Payable Bank Loan Total Liabilities $ 1500 12 000 13 500 Owner's Equity L. Wong, Capital 99 500 Total Liabilities Total Assets $103.000 and Owner's Equity $103 000 Cash Assets Accounts Receivable Dental Supplies Equipment Automobile Lily Wong Dental Clinic Balance Sheet As at October 1, 20-- Liabilities $ 5 000 8 000 2000 60 000 38 000 Accounts Payable Bank Loan Total Liabilities $ 1500 12 000 13 500 Owner's Equity L. Wong, Capital 99 500 Total Liabilities Total Assets $103.000 and Owner's Equity $103 000

Answer rating: 100% (QA)

ANSWER lets set up the Taccounts for the items on the ... View the full answer