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On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, terms 2/10, n/30. Grace does not pay for services until
On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, 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.) Journal entry worksheet For Medical Waste Services, record the service on account of $11,000 on March 12, with terms 2/10, n/30. Note: Enter debits before credits. On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, 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.) Journal entry worksheet Record the collection of cash on March 31 . Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of 3D Family Fireworks includes the following account balances: During January 2024, the following transactions occur: January2January6January15January20January22January25January30Provideservicestocustomersforcash,$35,100.Provideservicestocustomersonaccount,$72,400.Writeoffaccountsreceivableasuncollectible,$1,000.(Assumethecompanyusestheallowancemethod)Paycashforsalaries,$31,400.Receivecashonaccountsreceivable,$70,000.Paycashonaccountspayable,$5,500.PaycashforutilitiesduringJanuary,$13,700. 3. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above) for transactions during Januar (requirement 1) and adjusting entries at the end of January (requirement 2)
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