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Exercise 5-3A Record credit sale and cash collection with a sales discount (LO5-1, 5-2) On March 12, Medical Waste Services provides services on account to Grace Hospital for $9,400, 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. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the service revenue on account. Note: Enter debits before credits. Date General Journal Debit Credit March 12 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cash received on account. Note: Enter debits before credits. Date General Journal Debit Credit March 20 Record entry Clear entry View general journal Exercise 5-4A Record credit sale and cash collection (LO5-1, 5-2) 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 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.) View transaction list Journal entry worksheet Record the service revenue on account. Note: Enter debits before credits. Date General Journal Debit Credit March 12 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cash received on account. Note: Enter debits before credits. Date General Journal Debit Credit March 31 Record entry Clear entry View general journal Required information Exercise 5-6A Record credit sales with a sales allowance (LO5-1, 5-2) The following Information opolies to the questions oispoved below On April 25, Foreman Electric Installs wiring in a new home for 53.300 on account. However, on April 27, Foreman's clerical work does not participand Francangrents the customer animallowance of $500 barn of the problem. The customer makes full payment of the balance owed, excluding the allowance on April 30. Exercise 5-6A Parts 1, 2, and 3 Required: 1.28 3. Record the Journal entries for the above information. If no entry is required for a particuler transaction event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 Record the service revenue on account Note: Enter this before create Date Coneral Journal Debit Credit April 25 Recordenly Clearly general journal Viwwer lot Journal entry worksheet 3 > Record the sales allowance. Nu nudi units. Date General Journal Debit Credit April 24 Hecord entry Clear entry View general Journal Viwwa lil Journal entry worksheet Record the cash collection. Nu udbu wa Date General Journal Debit Credit Hecord entry Clear entry View general Journal Required information Exercise 5-6A Record credit sales with a sales allowance (LO5-1, 5-2) (The following information applies to the questions displayed below.] On April 25, Foreman Electric installs wiring in a new home for $3,300 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $580 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Exercise 5-6A Part 4 4. Calculate net revenue associated with these transactions. Net revenue Exercise 5-15A Record notes receivable and interest revenue (LO5-7) On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,800. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record the acceptance of the note receivable for legal services provided. Note: Enter debits before credits. Date General Journal Debit Credit March 01 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cash received on note receivable and interest. Note: Enter debits before credits. Date General Journal Debit Credit September 01 Record entry Clear entry View general journal Exercise 5.17A Record notes receivable and interest revenue (L05-7) On April 1, 2021, Shoemaker Corporation realizes the one of its main suppliers is heving ilifficulty meeting delivery schedules which is Hurling Shoemaker binness The supplier explains that it has a temporary lack of funds that slowing is production cycle: Shoemake more loke 55.40.000 10 Supplier 12 month, 11% mule Required: 1. The loan of S540,000 and acceptance of the note receivable on April 12021 2. The adjustment for accrued interest on December 31, 2021. 3. Cash collection of the note and interest on April 1, 2022 Record the above transactions for Shoemaker Corporation (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Viswanatan ini Journal entry worksheet Record the loan of $540,000 and acceptance of the note receivable on April 1, 2021. Note: Et de blure cits. General Journal Debut Credit Date Apr 1909 Record entry Clear entry View general Journal Viewfiel Journal entry worksheet 1 2 3 > Recard the adjusting entry for accrued Interest. Noll llll Date General Journal Debit Credit December 31 2021 Randy Clay Viwym View transaction list Journal entry worksheet 1 3 Recand the cash collection. Note: Enter clebit bore credits Date General Journal Debit Credit April 01, 2022 Record entry Clear entry View general Journal Exercise 5-3A Record credit sale and cash collection with a sales discount (LO5-1, 5-2) On March 12, Medical Waste Services provides services on account to Grace Hospital for $9,400, 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. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the service revenue on account. Note: Enter debits before credits. Date General Journal Debit Credit March 12 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cash received on account. Note: Enter debits before credits. Date General Journal Debit Credit March 20 Record entry Clear entry View general journal Exercise 5-4A Record credit sale and cash collection (LO5-1, 5-2) 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 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.) View transaction list Journal entry worksheet Record the service revenue on account. Note: Enter debits before credits. Date General Journal Debit Credit March 12 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cash received on account. Note: Enter debits before credits. Date General Journal Debit Credit March 31 Record entry Clear entry View general journal Required information Exercise 5-6A Record credit sales with a sales allowance (LO5-1, 5-2) The following Information opolies to the questions oispoved below On April 25, Foreman Electric Installs wiring in a new home for 53.300 on account. However, on April 27, Foreman's clerical work does not participand Francangrents the customer animallowance of $500 barn of the problem. The customer makes full payment of the balance owed, excluding the allowance on April 30. Exercise 5-6A Parts 1, 2, and 3 Required: 1.28 3. Record the Journal entries for the above information. If no entry is required for a particuler transaction event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 Record the service revenue on account Note: Enter this before create Date Coneral Journal Debit Credit April 25 Recordenly Clearly general journal Viwwer lot Journal entry worksheet 3 > Record the sales allowance. Nu nudi units. Date General Journal Debit Credit April 24 Hecord entry Clear entry View general Journal Viwwa lil Journal entry worksheet Record the cash collection. Nu udbu wa Date General Journal Debit Credit Hecord entry Clear entry View general Journal Required information Exercise 5-6A Record credit sales with a sales allowance (LO5-1, 5-2) (The following information applies to the questions displayed below.] On April 25, Foreman Electric installs wiring in a new home for $3,300 on account. However, on April 27, Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $580 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Exercise 5-6A Part 4 4. Calculate net revenue associated with these transactions. Net revenue Exercise 5-15A Record notes receivable and interest revenue (LO5-7) On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,800. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 > Record the acceptance of the note receivable for legal services provided. Note: Enter debits before credits. Date General Journal Debit Credit March 01 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cash received on note receivable and interest. Note: Enter debits before credits. Date General Journal Debit Credit September 01 Record entry Clear entry View general journal Exercise 5.17A Record notes receivable and interest revenue (L05-7) On April 1, 2021, Shoemaker Corporation realizes the one of its main suppliers is heving ilifficulty meeting delivery schedules which is Hurling Shoemaker binness The supplier explains that it has a temporary lack of funds that slowing is production cycle: Shoemake more loke 55.40.000 10 Supplier 12 month, 11% mule Required: 1. The loan of S540,000 and acceptance of the note receivable on April 12021 2. The adjustment for accrued interest on December 31, 2021. 3. Cash collection of the note and interest on April 1, 2022 Record the above transactions for Shoemaker Corporation (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Viswanatan ini Journal entry worksheet Record the loan of $540,000 and acceptance of the note receivable on April 1, 2021. Note: Et de blure cits. General Journal Debut Credit Date Apr 1909 Record entry Clear entry View general Journal Viewfiel Journal entry worksheet 1 2 3 > Recard the adjusting entry for accrued Interest. Noll llll Date General Journal Debit Credit December 31 2021 Randy Clay Viwym View transaction list Journal entry worksheet 1 3 Recand the cash collection. Note: Enter clebit bore credits Date General Journal Debit Credit April 01, 2022 Record entry Clear entry View general Journal
