Exercise 2.4Determining balance sheet amounts.

The following financial data are for the dental practice of Dr. Donna Wells when she began operations in July. Determine the amounts that would appear in Dr. Wells’s balance sheet.

1. Owes $21,000 to the Allen Equipment Company.

2. Has cash balance of $15,500.

3. Has dental supplies of $5,650.

4. Owes $6,180 to Contemporary Furniture Supply.

5. Has dental equipment of $28,550.

6. Has office furniture of $10,000.