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

question 9

Essay

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 28.

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Definitions:

Innovative Thinking

The process of generating new and creative ideas to solve problems or create value in novel ways.

Communicating Vision

The process of clearly and effectively conveying an organization's future direction and goals to its members to align and motivate them towards achieving these objectives.

Taxonomies

Systematic classifications or arrangements of various entities into ordered categories according to shared characteristics.

Divergent

Tending to be different or develop in different directions.