Question

trent scott opened a medical practice in oceanside, california, and had the following transactions during the month of january. journalize the transactions of trent scott, 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.) january 1 the business received $35,000 cash and issued common stock to scott. date accounts and explanation debit credit january 1 transactions january 1 the business received $35,000 cash and issued common stock to scott january 2 purchased medical supplies on account, $22,000 january 4 performed services for patients receiving $1,800 january 12 paid monthly office rent of $2,300 january 15 recorded $7,000 revenue for services rendered to patients on account

Explanation:

Step1: Record cash receipt

Debit: Cash $35,000
Credit: Common Stock $35,000

Increase in asset (cash) and equity (common stock)

Step2: Record supply purchase

Debit: Medical Supplies $22,000
Credit: Accounts Payable $22,000

Increase in asset (supplies) and liability (accounts payable)

Step3: Record service revenue received in cash

Debit: Cash $1,800
Credit: Service Revenue $1,800

Increase in asset (cash) and revenue

Step4: Record rent payment

Debit: Rent Expense $2,300
Credit: Cash $2,300

Answer:

Date	Accounts and Explanation	Debit	Credit
January 2	Medical Supplies<br>Accounts Payable	$22,000	$22,000
January 4	Cash<br>Service Revenue	$1,800	$1,800
January 12	Rent Expense<br>Cash	$2,300	$2,300
January 15	Accounts Receivable<br>Service Revenue	$7,000	$7,000