The Bay Co

question 79

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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Definitions:

Embryos

Early stages of development in multicellular organisms following fertilization.

Skeletal System

The framework of bones and other connective tissues that provides support, shape, and protection to the human body.

Cranial Cavity

The space within the skull that encases and protects the brain.

Homo Sapiens

The species of bipedal primates to which modern humans belong, characterized by a brain capable of complex reasoning, language, and the creation of art.