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 $3,500 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 shown as follows. Assets = Liabilities + Owner's Equity $ $ $ 2. During January, the assets increase by $8,540, and the liabilities increase by $3,360. Compute the resulting accounting equation. Assets = Liabilities + Owner's Equity $ $ $ 3. During February, the assets decrease by $3,460, and the liabilities increase by $2,000. Compute the resulting accounting equation. Assets = Liabilities + Owner's Equity $ $ $?
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