Reference no: EM132720729
Problem - Dr. John Salvaggi is a chiropractor. As of December 31, he owned the following property that related to his professional practice.
Cash $3,500
Office Equipment 6,400
X-ray Equipment 10,220
Laboratory Equipment 6,840
He also owes the following business suppliers:
Chateau Gas Company $3,430
Aloe Medical Supply Company 4,120
Required -
1. From the preceding information, compute the accounting elements and enter them in the accounting equation.
2. During January, the assets increase by $8,540, and the liabilities increase by $3,360. Compute the resulting accounting equation.
3. During February, the assets decrease by $3,460, and the liabilities increase by $2,000. Compute the resulting accounting equation.
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