Exercise 5-3 (Algo) Record credit sale and cash collection with a sales discount (LO5-1, 5-2) On March 12, Medical Waste Services provides services on account to Grace Hospital for $9,800, terms 3/10, n/30. Grace pays for those services on March 20. Required: For Medical Waste Services, record the service on account on March 12 and the collection of cash on March 20. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 < 1 For Medical Waste Services, record the services on account of $9,800 on March 12, with terms 3/10, n/30. Note: Enter debits before credits. Date March 12 Record entry General Journal Clear entry Debit Credit View general journal 4

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is