Date: Class Francial Accoenting ACCI11-Professor Horowitz- Test 2-Fall 2017 2 Joumalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). Assume both th use the perpetual inventory system. July 3 Abbott Co. sold merchandise on account to Daiton Co, $7,500, terms FOB shipping point, net eom. The cost of the merchandise sold was $4,400. 5 Dalton 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 Abbott Co. received payment from Dalton Co. for purchase of July 3. 11 Abbott Co. Dalton Co. Date Description Debit Credit Description Debit Credit