Davis & Bell began a health clinic as a corporation in 2014. Several transactions which occurred early in 2014 are described below. Record each transaction in proper journal entry form, excluding written explanations. Required: 5 points each Record each transaction in proper journal entry form, excluding written explanations. 1/15/14-Stockholders invested $90,000 in the business and received shares of common stock as evidence of ownership. 2/1/14 --Rent of $2,000 was paid for the month of February 2/10/14--Equipment with a cost of $10,000 was purchased on credit; payment is due in 30 days. 2/14/14--Fees totaling $5,500 were billed to patients; $3,000 was collected immediately and the balance of $2,500 is due within 30 days. 2/19/14--Full payment was made for the equipment purchased on February 10th.
Davis & Bell began a health clinic as a corporation in 2014. Several transactions which occurred early in 2014 are described below. Record each transaction in proper
Required: 5 points each
Record each transaction in proper journal entry form, excluding written explanations.
1/15/14-Stockholders invested $90,000 in the business and received shares of common stock as evidence of ownership.
2/1/14 --Rent of $2,000 was paid for the month of February
2/10/14--Equipment with a cost of $10,000 was purchased on credit; payment is due in 30 days.
2/14/14--Fees totaling $5,500 were billed to patients; $3,000 was collected immediately and the balance of $2,500 is due within 30 days.
2/19/14--Full payment was made for the equipment purchased on February 10th.
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