Objective 3 S-F:2-5 Journalizing transactions John Daniel opened a medical practice in Sacramento, California, and had the following transactions during the month of January: Jan. 1 The business received $34,000 cash and gave capital to Daniel. Purchased medical supplies on account, $17,000. 2 4 12 Performed services for patients receiving $1,600. Paid monthly office rent of $3,000. 15 Recorded $7,000 revenue for services rendered to patients on account. Journalize the transactions of John Daniel, M.D. Include an explanation with each entry.