Question

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/30. 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. Abbott Co. Date Description Debit Credit Dalton Co. Date Description Debit Credit

          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/30. 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.

Abbott Co.
Date
Description
Debit
Credit

Dalton Co.
Date
Description
Debit
Credit

Added by Alexandria P.

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