On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,700, terms 2/10, n/30. Grace does not pay for services until March 31, missing the 2% 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 particular transaction/event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,700, terms 2/10,
n/30. Grace does not pay for services until March 31, missing the 2% 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 particular transaction/event, select "No Journal Entry Required" in the first
account field.)
Transcribed Image Text:On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,700, terms 2/10, n/30. Grace does not pay for services until March 31, missing the 2% 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 particular transaction/event, select "No Journal Entry Required" in the first account field.)
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