rest Jan. 1: The business received $38,000 cash and issued common stock to Smith. Date Accounts and Explanation Jan. 1 Debit Credit eived * More Info Jan. 1 The business received $38,000 cash and issued common stock to Smith. 2 Purchased medical supplies on account, $19,000. 4 Performed services for patients receiving $1,400. 12 Paid monthly office rent of $2,700. 15 Recorded $7,000 revenue for services rendered to patients on account. Print Done