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 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 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%). 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 4% 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 5% of the ata ha been recovered and he informs DRS. June 20 DRS reduces the amount Rashid owes by 15%. June 30 Rashid pays the amount owed. Problem 5-2B Part 2 2. Show how net revenues would be presented in the income statement. X Answer is complete but not DATA RECOVERY SERVICES Partial Income Statement Total service revenues $ 1,600X Less: Sales (240 X allowances Net service revenues $ 884X Problem 5-2B Part 3 3. Calculate net revenues if Rashid had paid his bill on June 25. (Round your answer to 2 decimal places.) X Answer is complete but not ct. Net service revenues $ 1,110.00 Problem 5-8B Record long-term notes receivable and interest revenue (LO5-7) On April 15, 2021, Sampson Consulting provides services to a customer for $98,000. 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.) No Answer is not complete. Date General Journal April 15, 202 Notes Receivable Service Revenue Credit Debit 98,000 1 98,000 2 December 31 Interest Receivable Interest Revenue Sesso 3 April 15, 2022 Cash Interest Receivable Interest Revenue 4 December 31 Interest Receivable Interest Revenue Sos So 5 April 15, 2023 Cash Interest Receivable Interest Revenue 6 December 31 Interest Receivable Interest Revenue 7 April 15, 2024 Cash Notes Receivable Interest Receivable Interest Revenue