On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,400, 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.)
On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,400, 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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the general

Transcribed Image Text:On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,400, 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 oaccount field.)
View transaction list
View journal entry worksheet
No
Date
General Journal
Debit
Credit
March 12
Notes Receivable
10,400
Accounts Payable
10,400
March 31
Accounts Payable
10,400
Cash
10,400
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