Problem 5-2B Record transactions related to credit sales and contra revenues (LO5-1, 5-2) [The following information applies to the questions displayed below) Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 15% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 Rashid's hard drive crashes and he sends it to DRS. June 12 After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $1,600. June 13 Rashid Infores DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 15% educational discount and reducing the cost by $240 - $1,600 X 15%). June 16 DRS performs the work and claims to be successful in recovering all data. DAS asks Rashid to pay within 30 days of today's date, offering a 4% discount for payment within 10 days. June 19 When Rashid receives the hard drive, he notices that des did not successfully recover all data. Approximately 15% of the data has not been recovered and he informs DRS. June 20 ORS reduces the amount Rashid oves by 15%. June 30 Rashid pays the amount owed. Problem 5-2B Part 1 Required: 1. Record the necessary transaction(s) for Data Recovery Services on each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Required information Journal entry worksheet After initial evaluation, DRS e-mails Rashid to let him know that full data recovery will cost $1,600. Note: Enter debits before credits. Date General Journal Debit Credit June 12 Record entry Clear entry View general Journal Journal entry worksheet Rashid informs DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 15% educational discount and reducing the cost by $240 (= $1,600 X 15%). Note: Enter debits before credits. Date General Journal Debit Credit June 13 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 6 7 DRS performs the work and claims to be successful in recovering all data. DRS asks Rashid to pay within 30 days of today's date, offering a 4% discount for payment within 10 days. Note: Enter debits before credits. Date Debit Credit June 16 General Journal Accounts Receivable Service Revenue Record entry Clear entry View general journal Prey 2 3 4 of 11 Next Journal entry worksheet 1 2 3 4 5 6 7 When Rashid receives the hard drive, he notices that DRS did not successfully recover all data. Approximately 15% of the data has not been recovered and he informs DRS. Note: Enter debits before credits. Date General Journal Debit Credit June 19 Record entry Clear entry View general journal Required information Journal entry worksheet 1 2 3 4 5 6 7 DRS reduces the amount Rashid owes by 15%. Note: Enter debits before credits General Journal Date June 20 Debit Credit Record entry Clear entry View general journal Journal entry worksheet