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Journalize the following transactions for both ABC Co. (seller) and DEFCo. (buyer). Mar 3 ABC Co.sold merchandise on account to DEF Co., $6,000, terms FOB
Journalize the following transactions for both ABC Co. (seller) and DEFCo. (buyer).
Mar 3 ABC Co.sold merchandise on account to DEF Co., $6,000, terms FOB shipping point, net/eom.The cost of the merchandise sold was $2,700.
Mar 5 DEF Co. paid $375 transportation charges on purchase from ABC Co.
Mar 9 ABC Co. issued DEF Co. a credit memo for merchandise returned, $1,000.
The cost of the merchandise returned was $220.
Mar 11 ABC Co. received payment from DEF Co. for purchase of Mar 3.
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