IV

Prepare the journal entries for the following transactions for Abbott and Dalton

July$3.$ Abbott Co$.$ sold merchandise on account to Dalton $Co.$$$7,500,$ terms $\frac{2}{10}\frac{?}{30}$ FOB shipping point. Abbott Co prepaid the shipping cost of $$200.$ The cost of goods sold was $$4,400.$

July$5.$ Abbott sold more to Dalton on account, $$9,000$ terms $\frac{2}{10}\frac{?}{n30}$ FOB destination Shipping was paid by Abbott of $$400.$ Cost of goods sold was $$4,000.$

Julyg. Abbott issued a credit memo for $$2,250$ for the July $3$ purchase.

July$11.$ Abbott received payment from Dalton for the purchase of July$3.$

July $26.$ Abbott recelved payment from Dalton for the purchase on July$5.$