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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.)

FINANCIAL ACCOUNTING
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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the general journal entry titles are wrong, please show me the correct  journal entries.

 

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
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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