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Journalize the Following Transactions for Both Abbott Co

Question 27

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Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). Assume both of the companies use the perpetual inventory system.July 3
Abbott Co. sold merchandise on account to Dalton Co., $7,500, terms FOB shipping point, net/eom. The cost of the goods sold was $4,400.5
Dalton Co. paid $275 freight charges on purchase from Abbott Co.9
Abbott Co. issued Dalton Co. a credit memo for merchandise returned, $2,250.The cost of the merchandise returned was $1,325.11
Abbott Co. received payment from Dalton Co. for purchase of July 3.​ Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). Assume both of the companies use the perpetual inventory system.July 3 Abbott Co. sold merchandise on account to Dalton Co., $7,500, terms FOB shipping point, net/eom. The cost of the goods sold was $4,400.5 Dalton Co. paid $275 freight charges on purchase from Abbott Co.9 Abbott Co. issued Dalton Co. a credit memo for merchandise returned, $2,250.The cost of the merchandise returned was $1,325.11 Abbott Co. received payment from Dalton Co. for purchase of July 3.​

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