On March 12, Medical Waste Services provides services on account to Grace Hospital for $9,500, terms 3/10, n/30. Grace pays for those services on March 20. 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 transection/event, select "No Journal Entry Required" in the first account field.)

On March 12, Medical Waste Services provides services on account to Grace Hospital for $9,500, terms 3/10, n/30. Grace pays for those services on March 20. 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 transection/event, select "No Journal Entry Required" in the first account field.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5PB: Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet...

See similar textbooks

Similar questions

Review the following transactions, and prepare any necessary journal entries for Juniper Landscaping Services. A. On November 5, Juniper receives advance cash payment from a customer for landscaping services in the amount of $3,500. Juniper had yet to provide landscaping services as of November 5. B. On December 11, Juniper provides all of the landscaping services to the customer from November 5. C. On December 14, Juniper receives advance payment from another customer for landscaping services in the amount of $4,400. Juniper has yet to provide landscaping services as of December 14. D. On January 19 of the following year, Juniper provides and recognizes 80% of landscaping services to the customer from December 14.
On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, terms 2/10, n/30. Grace pays for those services on March 20. 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.)
On March 12, Medical Waste Services provides services on account to Grace Hospital for $11,000, terms 2/10, n/30. Grace pays for those services on March 20. Required: For Medical Waste Services, record the service on account on March 12 and the collection of cash on March 20.
On December 12, 2024, Park Electronics received $24,000 from a customer toward a cash sale of $240,000 of diodes to be completed on January 16, 2025. What journal entries should Park record on December 12 and January 16? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Below is the trial balance which was extracted from the books of the Ready Hospital Supplies on June 30, the end of the company’s financial year. You are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000.00 Accounts Receivable 151,000.00 Allowance for Bad-Debts 12,500.00 Merchandise Inventory 187,500.00 Store Supplies 58,000.00 Prepaid Insurance 72,000.00 Prepaid Rent 56,000.00 Furniture & Fixtures 800,000.00 Accumulated Depreciation: Furniture & Fixtures 256,000.00 Computer Equipment 450,000.00 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500.00 Salaries Payable Interest Payable 27,000.00…
n March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
On March 4, Tonkawa Law asks Green Lawn Services for basic lawn maintenance totaling $200. Green Lawn provides maintenance on March 8, and Tonkawa pays for the lawn maintenance on March 12. Using cash-basis accounting, on which date should Tonkawa record an increase in accounts payable? Multiple Choice O O March 4 (date of request). March 8 (date of lawn maintenance service). March 12 (date of cash payment). None of the choices are correc
The following transactions occur for the Panther Detective Agency during the month of July: Purchase a truck and sign a note payable, $13,800. Purchase office supplies for cash, $480. Pay $680 in rent for the current month. Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Below is the adjusted trial balance which was extracted from the books of Ready Hospital Supplies on June 30, the end of the company’s financial year. You are required to apply the accrual basis of accounting in the preparation of the company’s financial statements. Ready Hospital Supplies Adjusted Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000.00 Accounts Receivable 151,000.00 Allowance for Bad-Debts 19,500.00 Merchandise Inventory 186,000.00 Store Supplies 25,000.00 Prepaid Insurance 48,000.00 Prepaid Rent 14,000.00 Furniture & Fixtures 800,000.00 Accumulated Depreciation: Furniture & Fixtures 320,000.00 Computer Equipment 450,000.00 Accumulated Depreciation: Computer Equipment 45,000.00 Accounts Payable 133,500.00 Salaries Payable 14,000.00 Interest Payable 36,000.00…
On February 14, Foster Associates Co. paid $2,100 to repair the transmission on one of its delivery vans. In addition, Foster paid $410 to install a GPS system in its van. Required: Journalize the entries for the transmission and GPS system expenditures. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
On November 10, JumpStart Co. provides $2,210 in services to clients. At the time of service, the clients paid $630 in cash and put the balance on account. a. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 10 - Select - - Select - - Select - - Select - - Select - - Select - b. On November 20, JumpStart Co. clients paid an additional $570 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 20 - Select - - Select - - Select - - Select - c. Calculate the accounts receivable balance on November 30.$fill in the blank dedf17fb1073fb3_1