Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). Assume both of the companies use the perpetual inventory syste July 3 Abbott Co. sold merchandise on account to Dalton Co, $7,500, terms FOB shipping point, n/eom. The cost of the goods sold was $4,400. 5 Delton 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. 31 Abbott Co. received payment from Dalton Co. for purchase of July 3, Journalize the transactions for Abbott Co. (seller). If no entry is required in the selection box, select "No entry required. If an amount box does not require an entry, leave it blank. July 3 July 5 July 9 My 31 100 Journalize the transactions for Dalton Co. (buyer) I no entry is required in the selection box, select "No entry required. If an amount box does not require an entry, leave it blank

Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). Assume both of the companies use the perpetual inventory syste July 3 Abbott Co. sold merchandise on account to Dalton Co, $7,500, terms FOB shipping point, n/eom. The cost of the goods sold was $4,400. 5 Delton 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. 31 Abbott Co. received payment from Dalton Co. for purchase of July 3, Journalize the transactions for Abbott Co. (seller). If no entry is required in the selection box, select "No entry required. If an amount box does not require an entry, leave it blank. July 3 July 5 July 9 My 31 100 Journalize the transactions for Dalton Co. (buyer) I no entry is required in the selection box, select "No entry required. If an amount box does not require an entry, leave it blank

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Description: Hello respected expert please help me please solve it and show full work thanks' Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). Assume both of the companies use the perpetual inventory systeJuly 3 Abbott Co

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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