On March 12, Medical Waste Services provides services on account to Grace Hospit

Question

On March 12, Medical Waste Services provides services on account to Grace Hospital for $9,900, terms 4/10, n/30. Grace does not pay for services until March 31, missing the 4% sales discount.    

Required:

For Medical Waste Services, record the service on account on March 12 and the collection of cash on March 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

ournal entry worksheet

Record the service revenue on account.

Note: Enter debits before credits.

Explanation / Answer

12-Mar Accounts receivable 9900         Service revenue 9900 Mar. 31 Cash 9900       Accounts receivable 9900

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