Set up T-accounts for all items on the balance sheet that follows and record the balance of each account.

1. 

Cash Assets Accounts Receivable Dental Supplies Equipment Automobile Lily Wong Dental Clinic Balance Sheet As at October 1, 20-- Liabilities $ 5 000 8 000 2000 60 000 38 000 Accounts Payable Bank Loan Total Liabilities $ 1500 12 000 13 500 Owner's Equity L. Wong, Capital 99 500 Total Liabilities Total Assets $103.000 and Owner's Equity $103 000