Dr. Anna Grayson opened a medical practice specializing in physical therapy. During the first month of operation (December), the business, titled Dr. Anna Grayson, Professional Corporation (P.C.), experienced the following events:
View the events.
Requirement
1. Record the transactions in the journal of Dr. Anna Grayson, P.C. List the transactions by date and give an explanation for each transaction.
(Record debits first, then credits. Select explanations on the last line of the journal entry table. If an entry is not required, select "No entry required" on the first line of the table and leave all other fields blank.)
December 6: Grayson invested $144,000 in the business, which in turn issued its common stock to her.
Date Accounts and Explanations Debit Credit
December 6 Cash 144,000
Common Stock 144,000