The following financial data are for the dental practice of Dr. Jose Ortiz when he began operations in July. 1. Owes $18,100 to the Sanderson Equipment Company. 2. Has cash balance of $12,600. 3. Has dental supplies of $3,200. 4. Owes $3,730 to Galaxy Furniture Supply. 5. Has dental equipment of $25,650. 6. Has office furniture of $7,100. Determine the amounts that would appear in Dr. Ortiz's balance sheet. Assets Cash ✓$ 12,600 = Dental supplies ✓ 3,200 = Dental equipment ♥ 25,650✔ = Office furniture 7,100 = 0✓ = ✓ Jose Ortiz, Drawing X > Answer is complete but not entirely correct. Liabilities Fees income XS Salaries expense X Accounts payable ✓ Accounts payable Jose Ortiz, Drawing X < Prev XX 20 + (14,720) X+ 3,200 X + 21,830✔ + 10,830 + 0 + ……. Owner's Equity Jose Ortiz, Capital S Jose Ortiz, Drawing X Accounts receivable X Accounts receivable 26,720✔✔ 0✔ 3,820 X 3,370 X

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following financial data are for the dental practice of Dr. Jose Ortiz when he began operations in July.
1. Owes $18,100 to the Sanderson Equipment Company.
2. Has cash balance of $12,600.
3. Has dental supplies of $3,200.
4. Owes $3,730 to Galaxy Furniture Supply.
5. Has dental equipment of $25,650.
6. Has office furniture of $7,100.
Determine the amounts that would appear in Dr. Ortiz's balance sheet.
Assets
Cash
Dental supplies
Dental equipment
Office furniture
› › › › ›
Jose Ortiz, Drawing X
$
12,600 =
3,200✔ =
25,650✔ =
7,100✔ =
0
=
> Answer is complete but not entirely correct.
Liabilities
Fees income
XS
Salaries expense X
Accounts payable ✓
Accounts payable X
Jose Ortiz, Drawing X
< Prev
(14,720) X +
+
3,200 X +
21,830 +
10,830 X +
0✓ +
2 of
+
www
Owner's Equity
Jose Ortiz, Capital S
Jose Ortiz, Drawing X
Accounts receivable X
Accounts receivable X
26,720✔
0✓
3,820 X
3,370 X
Transcribed Image Text:The following financial data are for the dental practice of Dr. Jose Ortiz when he began operations in July. 1. Owes $18,100 to the Sanderson Equipment Company. 2. Has cash balance of $12,600. 3. Has dental supplies of $3,200. 4. Owes $3,730 to Galaxy Furniture Supply. 5. Has dental equipment of $25,650. 6. Has office furniture of $7,100. Determine the amounts that would appear in Dr. Ortiz's balance sheet. Assets Cash Dental supplies Dental equipment Office furniture › › › › › Jose Ortiz, Drawing X $ 12,600 = 3,200✔ = 25,650✔ = 7,100✔ = 0 = > Answer is complete but not entirely correct. Liabilities Fees income XS Salaries expense X Accounts payable ✓ Accounts payable X Jose Ortiz, Drawing X < Prev (14,720) X + + 3,200 X + 21,830 + 10,830 X + 0✓ + 2 of + www Owner's Equity Jose Ortiz, Capital S Jose Ortiz, Drawing X Accounts receivable X Accounts receivable X 26,720✔ 0✓ 3,820 X 3,370 X
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