Essay
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 20.
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Correct Answer:
Verified
Correct Answer:
Verified
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