Journalize the transactions of John Daniel, M.D. Include an explation with each entry Jan 1 The business recieved $34,000 cash and gave capital to Daniel Jan 2 Purchasged medical supplies on account, $17,000 Jan 4 Performed servies for patients receiving $1,600 Jan 12 Paid monthly office rent of $3,000 Jan 15 Recorder $7,000 revenue for sercives rendered to patients on account

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is