Chapter 02 Homework Part II Application

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The Accounting Equation Dr. John Salvaggi is a chiropractor. As of December 31, he owned the following property that related to his professional practice. Cash $3,417Office Equipment 6,310X-ray Equipment 10,177Laboratory Equipment 6,960 He also owes the following business suppliers: Chateau Gas Company $3,552Aloe Medical Supply Company 4,084 Required: 1. From the preceding information, compute the accounting elements and enter them in the accounting equation shown as follows. Assets = Liabilities + Owner's Equity$ $ $ 2. During January, the assets increase by $8,419, and the liabilities increase by $3,409. Compute the resulting accounting equation. Assets = Liabilities + Owner's Equity$ $ $ 3. During February, the assets decrease by $3,360, and the liabilities increase by $2,077. Compute the resulting accounting equation. Assets = Liabilities + Owner's Equity$ $ $

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