Dr. John Schleper is a chiropractor. As of December 31, he owned the following property that related to his professional practice.
Cash $ 4,750
Office Equipment 6,200
X-ray Equipment 11,680
Laboratory Equipment 7,920
He also owes the following business suppliers:
Chateau Gas Company $ 2,420
Aloe Medical Supply Company 3,740
REQUIRED
1. From the preceding information, compute the accounting elements and enter them in the accounting equation shown as follows.

2. During January, the assets increase by $7,290, and the liabilities increase by $4,210. Compute the resulting accounting equation.
3. During February, the assets decrease by $2,920, and the liabilities increase by $2,200. Compute the resulting accountingequation.

Transcribed Image Text:

Liabilities Owner's Equity Assets I3D