eBook Show Me How 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 $3,500 Office Equipment 6,400 X-ray Equipment 10,220 Laboratory Equipment 6,840 He also owes the following business suppliers: $3,430 Chateau Gas Company Aloe Medical Supply Company 4,120 Required: 1. From the preceding information, compute the accounting elements and enter them in the accounting equation shown as follows Liabilities Owner's Equity 23,460 7,550 3,000 2. During January, the assets increase by $8,540, and the abilities increase by $3,360. Compute the resulting accounting equation. Assets Liabilities Owner's Equity 3. During February, the assets decrease by $3.460, and the abilities increase by $2,000. Compute the resulting accounting equation Assets Liabilities Owner's Equity Feed First, make certain you understand the event that has taken place. Second, determine which accounting elements (assets, liabilities, or owner's equity) are sected Third, determine which elements are increased or decreased as a result of the transaction After determining the effects of each transaction, enter the new balance for each dement. Then, check to see if the accounting equation is still Check My Work A work saved