Waleed Almutari Homework Chapter 2 homework part 1 Score 0 o

Waleed Almutari Homework: Chapter 2 homework part 1 Score: 0 of 2 pts S2-5 (book/static) John Daniel opened a medical practice in Sacramento, Calfomia, and had the folowing transactions during the month of January Debit Credit Date

Solution

Journal entry :

Date	accounts & explanation	debit	credit
Jan 1	Cash a/c	34000
	Common stock		34000
	(To record issue of common stock)
Jan 2	Medical supplies a/c	17000
	Account payable a/c		17000
	(TO record purchase medical supplies)
Jan 4	Cash a/c	1600
	Service revenue a/c		1600
	(To record service performed)
Jan 12	Rent expenses a/c	3000
	Cash a/c		3000
	(To record rent paid)
Jan 15	Account receivable a/c	7000
	Service revenue a/c		7000
	(To record service performed)