On march 12, medical waste services provides services on account to grace hospital for $9,700, 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.

1. Accounts receivable A/c Dr $9,700

      To Service revenue $9,700

(Being service provided is recorded)

2. Cash A/c Dr                   $9,506

Sales Discount A/c Dr $194    ($9,700 × 2%)

     To  Accounts receivable  A/c  $9,700

(Being cash received recorded and the remaining balance is reported to the cash account in the debit side)

Explanation:

The journal entries are shown below

On March 12

Accounts receivable A/c Dr $9,700

      To Service revenue $9,700

(Being service provided is recorded)

On March 20

Cash A/c Dr                   $9,506

Sales Discount A/c Dr $194   ($9,700 × 2%)

     To  Accounts receivable A/c   $9,700

(Being cash received recorded and the remaining balance is reported to the cash account in the debit side)

answer; 20% is your answer;

disadvantages of leasing a vehicle: no vehicle equity and mileage limitations

disadvantages of purchasing a vehicle: large down payment and vehicle depreciation

#plato4lyfe