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Davis & Bell began a health clinic as a corporation in 2014. Several transactions which occurred early in 2014 are described below. Record each transaction in proper journal entry form, excluding written explanations. Problem 1: 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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