The Accounting Equation Dr. Patricia Parsons is a dentist. As of January 31, Parsons owned the following property that related to her professional practice: Cash $3,560 Office Equipment 4,600 X-ray Equipment 8,760 Laboratory Equipment 5,940 She also owes the following business suppliers: Cupples Gas Company $1,815 Swan Dental Lab 2,790 Required: 1. From the preceding information, compute the accounting elements and enter them in the accounting equation. Assets Liabilities Owner's Equity 2. During February, the assets increase by $4,565, and the liabilities increase by $3,910. Compute the resulting accounting equation. Assets Liabilities Owner's Equity %3D 3. During March, the ass decrease by $2,190, and the liabilities increase by $1,650. Compute the resulting accounting equation. Liabilities Owner's Equity Assets
The Accounting Equation Dr. Patricia Parsons is a dentist. As of January 31, Parsons owned the following property that related to her professional practice: Cash $3,560 Office Equipment 4,600 X-ray Equipment 8,760 Laboratory Equipment 5,940 She also owes the following business suppliers: Cupples Gas Company $1,815 Swan Dental Lab 2,790 Required: 1. From the preceding information, compute the accounting elements and enter them in the accounting equation. Assets Liabilities Owner's Equity 2. During February, the assets increase by $4,565, and the liabilities increase by $3,910. Compute the resulting accounting equation. Assets Liabilities Owner's Equity %3D 3. During March, the ass decrease by $2,190, and the liabilities increase by $1,650. Compute the resulting accounting equation. Liabilities Owner's Equity Assets
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Figure out the accounting equation
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1. EX.02.01B
The Accounting Equation
2. EX.02.02B
Dr. Patricia Parsons is a dentist. As of January 31, Parsons owned the following property that related to her professional practice:
Cash
$3,560
3. EX.02.03B
Office Equipment
4,600
4. EX.02.04B
X-ray Equipment
8,760
Laboratory Equipment 5,940
5. EX.02.05B
She also owes the following business suppliers:
6. EX.02.06B
Cupples Gas Company $1,815
Swan Dental Lab
2,790
7. EX.02.07B
Required:
8. PR.02.08B
1. From the preceding information, compute the accounting elements and enter them in the accounting equation.
9. PR.02.09B
Assets
Liabilities
Owner's Equity
%3D
2. During February, the assets increase by $4,565, and the liabilities increase by $3,910. Compute the resulting accounting equation.
Assets
%3D
Liabilities
Owner's Equity
3. During March, the assets decrease by $2,190, and the liabilities increase by $1,650. Compute the resulting accounting equation.
Liabilities
Owner's Equity
Assets
%3D
Expert Solution
Step 1
Answer:
| Assets | = | Liabilties | + | Owners Equity | ||
| 1 | January | 22,860.00 | = | 4605 | + | 18,255.00 |
| 2 | February | 27,425.00 | = | 8515 | + | 18,910.00 |
| 3 | March | 24,515.00 | = | 10165 | + | 14,350.00 |
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