S2-5 Journalizing transactions [10 min]
Ned Brown opened a medical practice in San Diego, California.
Jan 1 The business received $29,000 cash and issued common stock.
2 Purchased medical supplies on account, $14,000.
2 Paid monthly office rent of $2,600.
3 Recorded $8,000 revenue for service rendered to patients on account.
Requirement
1. Record the preceding transactions in the journal of Ned Brown, M.D., P.C.
Include an explanation with each entry.
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