Transcribed image text: 15. (LO 4) The trial balance of Jeong Company had accounts with the following normal balances Cash $5,000, Service Revenue $85,000, Salaries and Wages Payable $4,000, Salaries and Wages Expense $40,000, Ront Expense $10,000, Owner's Capital $42,000, Owner's Drawings $15,000, and Equipment $61,000. In preparing a trial balance, the total in the debit column is: a. $131,000 b. $216,000 c. $91,000. d. $116,000 Practice Problems Problem 1 - Accounting Equation James Morley is the sole stockholder and operator of Dynamic Business Solutions, Inc., a management consulting firm organized as a professional corporation. At the end of its accounting period, December 31, 2007, Dynamic Business Solutions has assets of $100,000 and liabilities of 175,000 Determine: a) What is owner's equity at December 31, 2007? b) What is owner's equity as of December 31, 2008, assuming that assets increased by 125,000 and abilities increased by 115.000 during 20087 c) What is the increase or (decrease) in owner's equity for the year 20087 d) What is the net income (or net loss) for the year 2008 assuming thamanidad