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 merchandise 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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The Answer of 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 merchandise 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