Accounting Applications: Instructions:Now that you have reviewed the case study above, answer the following questions on your own.

1.What are the investments Dr. Allen Ronald has probably made in his business and how would each affect the basic accounting equation?

2.What assets might this business have? Liabilities?

3.Identify and classify the accounts affected if Dr. Allen Ronald receives a cash payment for a visit.

4.Identify and classify the accounts affected if Dr. Allen Ronald wrote a check to pay for new veterinary equipment to be used on the van.