Instruction: Journalize the following transactions for both Maryam Co. (seller) and Fatima Co. (buyer) assuming all use a perpetual inventory system

July 3

Maryam 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

Fatima Co. paid $335 freight charges on purchase from Maryam Co.

July 9

Maryam Co. issued Fatima Co. a credit memo for merchandise returned, $2,000.

The cost of the merchandise returned was $1,220.

July 11

Maryam Co. received payment from Fatima Co. for purchase of July 3.

	Maryam Co.			Fatima Co.
Date	Accounts	Debit	Credit	Accounts	Debit	Credit