Journalizing transactions [10 min]
Ned Brown opened a medical practice in San Diego, California.
Jan 1 | The business received $29,000 cash and issued common stock. |
2 | Purchased medical supplies on account, $14,000. |
2 | Paid monthly office rent of $2,600. |
3 | Recorded $8,000 revenue for service rendered to patients on account. |
Requirement
1. Record the preceding transactions in the journal of Ned Brown, M.D., P.C. Include an explanation with each entry.
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