On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,000, terms 3/10, n/30. Grace does not pay for services until March 31, missing the 3% 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.)

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10A: The Voucher System Of Accounting
Section: Chapter Questions
Problem 2P: Hartman Company, which uses a voucher system, has the following unpaid vouchers on July 1. The firm...
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On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,000, terms 3/10, n/30. Grace
does not pay for services until March 31, missing the 3% 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 $10,000, terms 3/10, n/30. Grace does not pay for services until March 31, missing the 3% 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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