Roland Brown opened a medical practice in Oceanside, Calfomia, and had the follo

Question

Roland Brown opened a medical practice in Oceanside, Calfomia, and had the following transactions during the month of January. (Click the icon to view the January transactions) Journalize the transactions of Roland Brown, M.D. Include an explanation with each entry (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Jan. 1: The business recelved $27,000 cash and issued common stock to Brown. Date Accounts and Explanation Debit Credit Jan 1 Jan. 2: Purchased medical supplies on account $14,000. More Info Date Accounts and Explanation Debit Credit Jan 2 Jan 1 The business received $27,000 cash and issued common stock to Brown 2 Purchased medical supplies on account, $14,000 4 Performed services for patients receiving $2.000 2 Paid monthly office rent of $3,000 15 Recorded $7,000 revenue for services rendered to patients on account Jan. 4: Performed services for patients receiving $2.000 Accounts and Explanation Debit Credit Print Done Jan 4 Jan. 12 Paid monthly office rent of 3,000 Date Debit Credit Jan 12 Jan. 15 Recorded $7,000 revenue for services rendered to patients on account. Date Accounts and Explanation Debit Credit

Explanation / Answer

Solution:

Journal Entries Date Particulars Debit Credit 1-Jan Cash Dr $27,000.00        To Common stock $27,000.00 (To record proceed from issue of common stock) 2-Jan Medical Supplies Dr $14,000.00        To Accounts Payable $14,000.00 (To record purchase of medical supplies) 4-Jan Cash Dr $2,000.00        To Service Revenue $2,000.00 (being cash received by providing services to patient) 12-Jan Rent Expense Dr $3,000.00        To Cash $3,000.00 (To record payment of office rent) 15-Jan Accounts receivables Dr $7,000.00        To Service Revenue $7,000.00 (To record services to patient on account)

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