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:

Contrast Error

a bias in evaluating others' performance by overly emphasizing differences between the individual's performance and the group norm, rather than assessing the performance on its own merits.

Absolute Standard

A fixed criterion of measure that remains unchanged over time and under different conditions.

Perception Error

A mistake in interpreting or understanding information received from the environment due to biases, incorrect information, or misinterpretation.

Cross-Cultural Negotiations

The process of discussing and coming to an agreement between parties from different cultural backgrounds.