The Bay Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries. All sales are subject to credit terms of 1/10, n/30. No sales taxes are applicable.
July 16 Sold merchandise on account with an invoice price of $5,500 to Carter and Co.
July 16 Sold merchandise on account with an invoice price of $6,000 to the Ping Co.
July 20 Ping Co. returned merchandise with an invoice price of $1,000.
July 25 Received full payment from Carter and Co.
July 28 Received full payment from Ping Co.
-Prepare the necessary general journal entry for July 25.
__________________________________________ __________ __________
__________________________________________ __________ __________
__________________________________________ __________ __________

Question

Quizplus · Accepted Answer

The Answer of The Bay Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries. All sales are subject to credit terms of 1/10, n/30. No sales taxes are applicable.
July 16 Sold merchandise on account with an invoice price of $5,500 to Carter and Co.
July 16 Sold merchandise on account with an invoice price of $6,000 to the Ping Co.
July 20 Ping Co. returned merchandise with an invoice price of $1,000.
July 25 Received full payment from Carter and Co.
July 28 Received full payment from Ping Co.
-Prepare the necessary general journal entry for July 25.
__________________________________________ __________ __________
__________________________________________ __________ __________
__________________________________________ __________ __________