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July 23, 2014

Homework Help: accounting

Posted by Venice on Saturday, February 2, 2008 at 2:27pm.

I am taking beginning Accounting. I have learning disabilities, so it is very difficult sometimes for me to keep up with the information in class.
Once I understand it then I am fine.
Can someone please help me understand how to balance this out?

Thank you

Accounting Equation

As of 12/31, he owned the following property that related to his practice

Cash$ $ 4,750
Office Equipment 6,200
X-Ray Equipment 11,680
Laboratory Equipment 7,920

He also owes the following business suppliers:

Chateau Gas Company 2,420
Aloe Medical Supply Co 3,740

From the preceeding information, comute the accounting elements and enter them in the accounting equation shown as follows.

Assets = Liabilities + Owner's Equity

______ = ___________ + ______________

2. During January, the assets increase by $ 7,290, and the liabilities increase by $ 4,210. Compute the resulting accounting equation.

3. During February, the asssets decrease by $ 2,920, and the liabilities increase by $ 2,200. Compute the resulting accounting equation.

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