The following financial data are for the dental practice of

The following financial data are for the dental practice of Dr. David Malone when he began operations in July.

Solution

The each statement above will effect asset or liability or equity and I will be providing the effect on each

1)Liabilites=18800

2)Assets=13300

3)Assets=3550

4)Liabilites=4080

5)Assets=26350

6)Assets=7800

Total Assets=13300+3550+26350+7800=51000

liabilites=18800+4080=22880

Owners equity=assets-liabilites=51000-22880=28120