Journalize the Following Transactions for Both Abbott Co

question 53

Essay

Journalize the following transactions for both Abbott Co.
(seller) and Dalton Co.
(buyer). Assume both the companies use the perpetual inventory system.July 3Abbott Co. sold merchandise on account to Dalton Co., $7,500, terms FOB shipping point, n/eom. The cost of the merchandise sold was $4,400.5Dalton Co. paid $275 freight charges on purchase from Abbott Co.9Abbott Co. issued Dalton Co. a credit memo for merchandise returned, $2,250.The cost of the merchandise returned was $1,325.11Abbott Co. received payment from Dalton Co. for purchase of July 3.?? $\quad\quad\quad\quad\quad\quad\quad\quad\textbf { Abbott Co. } \quad \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\textbf { Dalton Co. }\\\begin{array}{|l|l|l|l|l|l|l|}\hline \textbf { Date } & \textbf { Description } & \textbf { Debit } & \textbf { Credit } & \textbf { Description } & \textbf { Debit } & \textbf { Credit } \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline\end{array}$

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Definitions:

Postconventional Level

A stage in Kohlberg’s theory of moral development where individuals make moral decisions based on universal ethical principles and internal beliefs, rather than conforming to societal rules.

Moral Development

The process through which individuals evolve their understanding of morality, often conceptualized as progressing through stages from basic, concrete notions of right and wrong to more abstract, principled reasoning about ethics.

Personal Code

A set of principles or ethics that an individual chooses to live by, guiding decisions and behaviors according to personal beliefs and values.

Ethics

A branch of philosophy dealing with the moral principles that govern a person's behavior or conducting of an activity.