Answer:
Explanation:
The journal entries are shown below:
1. Cash A/c Dr $34,000
To Common stock A/c $34,000
(Being the cash is received in exchange of common stock)
2. Medical supplied A/c Dr $17,000
To Account payable A/c $17,000
(Being the medical supplies are purchased on account)
3. Cash A/c Dr $1,600
To Service Revenue A/c $1,600
(Being the cash is received for service performed)
4. Office Rent Expenses A/c Dr $3,000
To Cash A/c $3,000
(Being the office rent expense is paid for cash)
5. Accounts Receivable A/c Dr $7,000
To Service revenue A/c $7,000
(Being the service revenue is recorded)
