Reference no: EM132672002
Question - Davis & Bell began a health clinic as a corporation in 2014. Several transactions which occurred early in 2014 are descibed below. Record each transaction in proper journal entry form, excluding written explanations.
Record each transaction in proper journal entry form, excluding written explanations.
A. 1/15/2014 Stockholders invested $90,000 in the business and received shares of common stock as evidence of ownership.
B. 2/1/2014 Rent of $2,000 was paid for the month of February
C. 2/10/2014 Equipment with a cost of $10,000 was purchased on credit; payment is due in 30 days.
D. 2/14/2014 Fees totaling $5,500 were billed to patients; $3,000 was collected immediately and the balance of $2,500 is due within 30 days.
E. 2/19/2014 Full payment was made for the equipment purchased on February 10th.
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