Harry Dental Clinic has the following accounts and balances:
Cash, $2,000
Accounts Receivable, $1,250
Professional Equipment, $10,200
Office Equipment, $5,500
Accounts Payable, $3,500
P. Palmer, Capital, $10,000
P. Palmer, Drawing, $1,000
Professional fee earned, $18,000
Rent Expense, $12,350
Wage Expense, $1,200
What is the amount of assets in the accounting equation?

Question

Harry Dental Clinic has the following accounts and balances:
 Cash, $2,000
Accounts Receivable, $1,250
Professional Equipment, $10,200
Office Equipment, $5,500
Accounts Payable, $3,500
P. Palmer, Capital, $10,000
P. Palmer, Drawing, $1,000
Professional fee earned, $18,000
Rent Expense, $12,350
Wage Expense, $1,200
What is the amount of assets in the accounting equation?

Quizplus · Accepted Answer

The amount of assets in the accounting equation is the total of Cash, Accounts Receivable, Professional Equipment, and Office Equipment, which is $2,000 + $1,250 + $10,200 + $5,500 = $18,950.

Harry Dental Clinic Has the Following Accounts and Balances