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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
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 $10,200, terms 4/10, n/30. Grace pays for those services on March 20. points eBook 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.) Hint Print View transaction list View journal entry worksheet References Date General Journal Credit No 1 Debit 10,200 March 12 Accounts Receivable Service Revenue 10,200 2 March 20 Cash Sales Discounts Accounts Receivable 10,200 Exercise 5-17A Record notes receivable and interest revenue (LO5-7) points On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $410,000 to its supplier using a 12-month, 11% note. eBook Required: Hint 1. The loan of $410,000 and acceptance of the note receivable on April 1, 2021. 2. The adjustment for accrued interest on December 31, 2021. 3. Cash collection of the note and interest on April 1, 2022. Print References 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.) View transaction list View journal entry worksheet General Journal Credit No 1 Date April 01, 2021 Debit 410,000 Notes Receivable Cash 410,000 2 December 31, 2021 Interest Receivable 33,825 Interest Revenue 33.825 3 April 01, 2022 Cash Notes Receivable Interest Receivable Interest Revenue
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