On March 12, Medical Waste Services provides services on account to Grace Hospital for $9,700, terms 2/10, 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.

1 answer
Question:

On March 12, Medical Waste Services provides services on account to Grace Hospital for $9,700, terms 2/10, 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.

Answers

Answer:1. Accounts receivable A/c Dr $9,700       To Service revenue $9,700(Being service provided is recorded)2. Cash A/c Dr                   $9,506 Sales Discount A/c Dr $194    ($9,700 × 2%)      To  Accounts receivable  A/c  $9,700(Being cash received recorded and the remaining balance is reported to the cash account in the debit side) Explanation:The journal entries are shown belowOn March 12Accounts receivable A/c Dr $9,700       To Service revenue $9,700(Being service provided is recorded)On March 20Cash A/c Dr                   $9,506 Sales Discount A/c Dr $194   ($9,700 × 2%)      To  Accounts receivable A/c   $9,700(Being cash received recorded and the remaining balance is reported to the cash account in the debit side)

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