PART IV. Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). Assume both the companies use the perpetual inventory system. July 3 July 5 July 9 Abbott Co. sold merchandise on account to Dalton Co., $7,500, terms FOB shipping point, 2/1530. The cost of the merchandise sold was $4,400. Dalton Co. paid $275 freight charges on purchase from Abbott Co. 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. July 11 Abbott Co. Debit Dalton Co. Debit Date Accounts Credit Accounts Credit L