. 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
. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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