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Harman [31]
2 years ago
14

On March 12, a company provides services on account to an individual Hospital for $9,100, terms 2/10, n/30. An individual does n

ot pay for services until March 31, missing the 2% sales discount.
Required:

For an individual Hospital, record the purchase of services on account on March 12 and the payment of cash on March 31.
Business
1 answer:
shutvik [7]2 years ago
3 0

To record the transactions with the individual hospital company, the following journal entries are made:

<h3>Journal Entries:</h3>

March 12: Debit Accounts Receivable $9,100

Credit Services Revenue $9,100

  • To record the sale of services on terms 2/10, n/30.

March 31: Debit Cash $9,100

Credit Accounts Receivable $9,100

  • To record the receipt of cash in full settlement.

<h3>Transaction Analysis:</h3>

March 12: Accounts Receivable $9,100 Sales Revenue $9,100

Terms 2/10, n/30

March 31: Cash $9,100 Accounts Receivable $9,100

Thus, the journal entries for the customer do not require the recognition of the 2% sales discount since the customer could not pay within the discount window.

Learn more about recording transactions at brainly.com/question/17201601

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<h3>What is meant by a contract?</h3>

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