Exercise 5-5 (Static) Record credit purchase and cash payment (LO5-1, 5-2) On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, terms 2/10, n/30. Grace does not pay for services until March 31, missing the 2% sales discount. Required: For Grace Hospital, record the purchase of services on account on March 12 and the payment of cash on March 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No 1 2 Date March 12 March 31 Answer is complete but not entirely correct. Accounts Receivable Service Revenue Cash Accounts Receivable General Journal X X X Debit 11,000✔ 11,000✔ Credit 11,000 11,000✔

Exercise 5-5 (Static) Record credit purchase and cash payment (LO5-1, 5-2) On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, terms 2/10, n/30. Grace does not pay for services until March 31, missing the 2% sales discount. Required: For Grace Hospital, record the purchase of services on account on March 12 and the payment of cash on March 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No 1 2 Date March 12 March 31 Answer is complete but not entirely correct. Accounts Receivable Service Revenue Cash Accounts Receivable General Journal X X X Debit 11,000✔ 11,000✔ Credit 11,000 11,000✔

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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