Journalize the Following Transactions for Both Abbott Co

Essay

Journalize the following transactions for both Abbott Co.
(seller) and Dalton Co.
(buyer). Assume both the companies use the perpetual inventory system.July 3Abbott Co. sold merchandise on account to Dalton Co., $7,500, terms FOB shipping point, n/eom. The cost of the merchandise sold was $4,400.5Dalton Co. paid $275 freight charges on purchase from Abbott Co.9Abbott Co. issued Dalton Co. a credit memo for merchandise returned, $2,250.The cost of the merchandise returned was $1,325.11Abbott Co. received payment from Dalton Co. for purchase of July 3.?? $\quad\quad\quad\quad\quad\quad\quad\quad\textbf { Abbott Co. } \quad \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\textbf { Dalton Co. }\\\begin{array}{|l|l|l|l|l|l|l|}\hline \textbf { Date } & \textbf { Description } & \textbf { Debit } & \textbf { Credit } & \textbf { Description } & \textbf { Debit } & \textbf { Credit } \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline\end{array}$