The Accounting EquationDr. John Salvaggi is a chiropractor. As of December 31, he owned the following property that related to his professional practice.Cash $3,490Office Equipment 6,440X-ray Equipment 10,190Laboratory Equipment 6,740He also owes the following business suppliers:Chateau Gas Company $3,500Aloe Medical Supply Company 4,100Required: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 32. During January, the assets increase by $8,770, and the liabilities increase by $3,200. Compute the resulting accounting equation.Assets = Liabilities + Owner's Equity $fill in the blank 4 $fill in the blank 5 $fill in the blank 63. During February, the assets decrease by $3,430, and the liabilities increase by $1,900. 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

Name: The Accounting EquationDr. John Salvaggi is a chiropractor. As of Dece
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Description: The Accounting EquationDr. John Salvaggi is a chiropractor. As of December 31, he owned the following property that related to his professional practice.Cash $3,490Office Equipment 6,440X-ray Equipment 10,190Laboratory Equipment 6,740He also owes the

A company's total assets are equal to the sum of its liabilities and shareholders' equity, according…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Accounting Equation

Dr. John Salvaggi is a chiropractor. As of December 31, he owned the following property that related to his professional practice.

Cash		$3,490
Office Equipment		6,440
X-ray Equipment		10,190
Laboratory Equipment		6,740

He also owes the following business suppliers:

Chateau Gas Company		$3,500
Aloe Medical Supply Company		4,100

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 $8,770, and the liabilities increase by $3,200. 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 $3,430, and the liabilities increase by $1,900. 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

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