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:
Chateau Gas Company $3,430
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.
Assets = Liabilities + Owner's Equity