The Coral 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.
July 16 Sold merchandise on account with an invoice price of $\$ 4,500$ to Carter and Co.
July 16 Sold merchandise on account with an invoice price of $\$ 5,000$ to the Taylor Co.
July 20 Taylor 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 Taylor Co.
-Prepare the necessary general journal entry for July 25.

Question

The Coral 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.
July 16 Sold merchandise on account with an invoice price of $\$ 4,500$ to Carter and Co. 
July 16 Sold merchandise on account with an invoice price of $\$ 5,000$ to the Taylor Co.
 July 20 Taylor 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 Taylor Co.
-Prepare the necessary general journal entry for July 25.

Quizplus · Accepted Answer

The Answer of The Coral 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.
July 16 Sold merchandise on account with an invoice price of $\$ 4,500$ to Carter and Co. 
July 16 Sold merchandise on account with an invoice price of $\$ 5,000$ to the Taylor Co.
 July 20 Taylor 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 Taylor Co.
-Prepare the necessary general journal entry for July 25.

The Coral Co $4,500\$ 4,500$4,500 To Carter and Co $5,000\$ 5,000$5,000 To the Taylor Co

The Coral Co $\$ 4,500$ To Carter and Co $\$ 5,000$ To the Taylor Co