Dr. T. R. Simms is an optometrist. As of November 30, Simms’s Optometry Clinic owned the following property that related to her professional practice: Cash, $1,020; Supplies, $410; Professional Equipment, $21,500; Office Equipment, $5,130. On the same date, she owed the following business creditors:

Barrett Supply Company, $1,880; Stanton Professional Equipment Sales, $960.

Compute the following amounts in the accounting equation:

P.O. 1 Calculate missing items in the ac¬

counting equation.

P.O. 1 Formulate the accounting equation.

Assets $_= Liabilities$_+ Owner’s Equity $-