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.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 1AP

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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.)

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.
Print
Done

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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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