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
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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