Question

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.

Answer 1

2. For January the equation
Assets are:30550
Liabilities:6160
Owners Equity:36710