Instruction: Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer) assuming all use a perpetual inventory system July 3 Abbott Co. sold merchandise on account to Dalton Co., $5,000, terms FOB shipping point, net/eom. The cost of the merchandise sold was $2,300. July 5 Dalton Co. paid $335 freight charges on purchase from Abbott Co. July 9 Abbott Co. issued Dalton Co. a credit memo for merchandise returned, $2,000. The cost of the merchandise returned was $1,220. July 11 Abbott Co. received payment from Dalton Co. for purchase of July 3. Abbott Co. Dalton Co. Date Accounts Debit Credit Accounts Debit Credit

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