Chapter 2, Problem 8SPB

SERIES B PROBLEMS

THE ACCOUNTING EQUATION Dr. Patricia Parsons is a dentist. As of January 31, Parsons owned the following property that related to her professional practice:

REQUIRED

1. From the preceding information, compute the accounting elements and enter them in the accounting equation as shown below.

2. During February, the assets increase by $4,565, and the liabilities increase by $3,910. Compute the resulting accounting equation.

3. During March, the assets decrease by $2,190, and the liabilities increase by $1,650. Compute the resulting accounting equation.