Question

John Daniel opened a medical practice in Sacramento, California, and had the following transactions during the month of January: (Click the icon to view the January transactions.) Journalize the transactions of John Daniel, M.D. Include an explanation with each entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 1: The business received $34,000 cash and issued common stock to Daniel. Date Accounts and Explanation Jan. 1 Debit Credit More Info Jan. 1 Jan. 2 Jan. 4 The business received $34,000 cash and issued common stock to Daniel. Purchased medical supplies on account, $17,000. Performed services for patients receiving $1,600. Paid monthly office rent of $3,000. Recorded $7,000 revenue for services rendered to patients on account. Jan. 2: Purchased medical supplies on account, $17,000. Date Accounts and Explanation Jan. 12 Jan. 15 Debit Credit Jan. 2 Print Done Jan. 4: Performed services for patients receiving $1.600.

AFAP

Answer 1

JOURNAL ENTRIES

DATE	DETAILS	DEBIT	CREDIT
JAN1	CASH	$34000
	EQUITY SHAREHOLDER'S A/C		$34000
	(MEDICAL PRACTICE OPENED WITH THE CASH IN RETURN SHARE ISSUED)
JAN 2	MEDICAL SUPPLIES	$17000
	ACCOUNT PAYABLE		$17000
	(MEDCIAL SUPPLIES PAID ON ACCOUNT)
JAN 4	CASH	$1600
	REVENUE		$1600
	(RECEIVED AMOUNT FEE FROM PATIENT)
JAN 12	OFFICE RENT	$3000
	CASH		$3000
	(PAID OFFICE RENT FOR THE MONTH)
JAN 15	ACCOUNT RECEIVABLE	$7000
	REVENUE		$7000
	(BEING SERVIES SERVERED TO PATIENT BUT PAYMENT FROM THEM IS PENDING )