222. Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). July 3 Abbott Co.sold merchandise on account to Dalton Co., $5,000, terms FOB shipping point,...

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.