Required information 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 20% 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 $1,500. June 13 Rashid informe DRS that he would like them to recover the data and that he is a student at UCLA, qualifying him for a 200 educational discount and reducing the cost by $300 ( - $1,500 * 208). June 16 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 30 discount for payment within 10 days. June 19 When Rashid receives the hard drive, he notices that DRS did not successfully recover all data. Approximately 251 of the data has not been recovered and he informs DRS. June 20 DRS reduces the amount Rashid oves by 258. June 30 Rashid pays the amount owed. Answer is not complete. No Date General Journal Debit Credit June 10 Notes Payable Cash June 12 Accounts Payable Accounts Receivable 1,500 1,500 x June 13 1,500 X 1,500 X June 16 No Transaction Recorded June 19 No Transaction Recorded June 20 Deferred Revenue June 30 900.00 900.00 3. Calculate net revenues if Rashid had paid his bill on June 25. (Round your answer to 2 decinal places.) Net service revenues Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $396.000 on account of this amount $46,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Percent Uncollectible Age Group Not yet due 0-30 days past doo 31-60 days past due More than 60 days past due amount Receivable $26.000 9,600 6,600 Total 3,800 $46,000 300 Problem 5-4B Part 2 2. Record the December 31, 2021. adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $260 (deblo). 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 NO Date General Journal I 1 Debit December 31, 2021 Credit Bad Debt Expense Allowance for Uncolectible Accounts On April 15, 2021. Sampson Consulting provides services to a customer for $94,000. To pay for the services, the customer signs a three year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024) Required: 1. Record the acceptance of the note on April 15, 2021. 2. Record the interest collected on April 15 for 2022 and 2023, and the adjustment for interest revenue on December 31, 2021 2022, and 2023 3. Record the cash collection on April 15, 2024 Prepare the journal entries for the above transactions. (Do not round intermediate calculations. 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 NO General Journal Credit Date April 15, 2021 Notes Payable December 31 2021 interest Receivable