Ned Allen opened a medical practice in Los Angeles, California, and had the following transactions during the month of January. (Click the icon to view the January transactions.) Journalize the transactions of Ned Allen, M.D. Include an explanation with each entry. (Record debits first, then credits. Select the explanation on the journal entry table.) Jan. 1: The business received $37,000 cash and issued common stock to Allen. Date Accounts and Explanation Debit Credit Jan. 1 Accounts Payable Accounts Receivable Cash Common Stock Dividends Medical Supplies Rent Expense Service Revenue Unearned Revenue i More Info - X Jan. 1 The business received $37,000 cash and issued common stock to Allen. 2 Purchased medical supplies on account, $18,000 4 Performed services for patients receiving $1,400. 12 Paid monthly office rent of $2,400. 15 Recorded $14,000 revenue for services rendered to patients on account. Print Done Choos