Jan. 1 The business received $34,000 cash and gave capital to Daniel. 2 Purchased medical supplies on account, $17,000. 4 Performed services for patients receiving $1,600. 12 Paid monthly office rent of $3,000. 15 Recorded $7,000 revenue for services rendered to patients on account.
Jan. 1 The business received $34,000 cash and gave capital to Daniel. 2 Purchased medical supplies on account, $17,000. 4 Performed services for patients receiving $1,600. 12 Paid monthly office rent of $3,000. 15 Recorded $7,000 revenue for services rendered to patients on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Journalize the transactions (filling the boxes) 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.)
Transcribed Image Text:Tutoring
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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.)
On January 1, John Daniel, M.D. received $34,000 cash and gave capital to Daniel.
Date
Accounts and Explanation
Debit
Credit
Jan. 1
corn
Transcribed Image Text:More Info
Jan.
The business received $34,000 cash and gave capital to Daniel.
2 Purchased medical supplies on account, $17,000.
4
Performed services for patients receiving $1,600.
12 Paid monthly office rent of $3,000.
15
Recorded $7,000 revenue for services rendered to patients on account.
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Expert Solution
Step 1 introduction to journal entries -
journal entry for capital bought in will be -
cash or assets account debit XX
capital account credit XX
journal entry for purchases -
purchases account debit XX
cash or accounts payable account XX
journal entry for service performed -
cash or accounts receivable debit XX
service revenue account credit XX
journal entry for payment of rent -
rent expense account debit XX
cash account credit XX.
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