EXERCISE 1-3 Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property that related to his professional practice, Patton Eye Clinic: Cash, $2,995 Professional Equipment, $63,000 Office Equipment, $8,450 On the same date, he owed the following business creditors: Munez Supply Company, $3,816 Martin Equipment Sales, $3,728 Compute the following amounts in the accounting equation: Assets $_ = Liabilities $_ + Owner's Equity $ EXERCISE 1-6 Label each of the following accounts as asset (A), liability (L), owner's equity (OE), revenue (R), or expense (E). a. Office Supplies b. Professional Fees C. Prepaid Insurance d. R. Baker, Drawing e. Accounts Payable f. Service Income g. R. Baker, Capital h. Rent Expense i. Accounts Receivable j. Wages Expense