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me: ID: A Dr. Etana Jenson is a podiatrist. As of December 31, Jenson owned...

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Accounting

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me: ID: A Dr. Etana Jenson is a podiatrist. As of December 31, Jenson owned the following assets related to the professional practice: 5. Cash $6,600 X-ray Equipment 3,500 Laboratory Equipment $9,000 3,000 Office Equipment As of that date, Jenson owed business suppliers as follows: Top Flight Office Equipment Co. Dunhill Medical Supplies Company Island Gas Company $3,000 1,000 2,200 Required a. Compute the amount of assets, liabilities, and owners' equity as of December 31. SC + Owner's Equity Assets Liabilities Assuming that during January there is an increase of $4,600 in Dr. Jenson's business assets and an increase of $2,500 in the business liabilities, compute the resulting equation as of January 31. b. Assuming that during February there is a decrease of $1,500 in assets and a decrease of $1,200 in liabilities, compute the resulting accounting equation as of February 28. c. Insert in the blank for each statement either the word "debit" or "credit." 6

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