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27 December, 04:54

g 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. For Medical Waste Services, record the service on account on March 12 and the collection of cash on March 20

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  1. 27 December, 06:36
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    March 12

    Dr. Account receivable $9,700

    Cr. Sales $9,700

    March 20

    Dr. Cash $9,506

    Dr. Sales Discount $194

    Cr. Account receivable $9,700

    Explanation:

    Term 2/10, n/30 means there is a discount of 2% is available on payment of due amount within discount period of 10 days after sale and net credit period of 30 days.

    According to given data

    Sales = $9,700

    As the payment is made within discount period, so discount will be availed

    Discount = $9,700 x 2% = $194

    Payment = $9,700 - $194 = $9,506

    Discount of $194 is an expense.
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