Question

D Question 10 2.5 pts Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). Assume both the companies use the perpetual inventory system. Upload a file with your answer. Abbott Co. sold merchandise on account to Dalton July 3 Co.. $7,500, terms FOB shipping point, n/eom. The cost of the merchandise sold was $4,400. Dalton Co. paid $275 freight charges on purchase from Abbott Co. Abbott Co. issued Dalton Co. a credit memo for merchandise returned. $2.250. The cost of the merchandise returned was $1.325. Abbott Co.received payment from Dalton Co.for purchase of July 3. Abbott Co. Dalton Co. Credit Date Description Debit Description Debit Credit

Answer 1

caedet ceedit July 3 Abbottco. Description Delet Accounts Receivable 7500 - Dalton co Sales Dalton co. Dake Decceiphon Merchandise Inventory Ales payable Abbot Debit De 7500 7500 17500 July 3 Cost of mold # merchandise 4400 Merchandise Orwerby 4400 275 | s. Meechandise Inventory Cash 275. 2380 Accounts payable 2250 2250 9. Customers Refunds pode Ales Receivable -Dalton 1 2050 2950 -Abbot Merchandise Inventory 9. 1325 Mecchandise nuentory Estimated Rehund Inventory 1325 5250 Accounts payable cash 5290 5250 llo Cash Accounts Receivable 5250