Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). Assume both the companies use the perpetual inventory system.
Definitions:
Deregulation
The decrease or removal of governmental control in a specific sector, typically implemented to enhance competitive conditions within that sector.
Industrial Policy
Government measures aimed at improving the competitive stance and capabilities of domestic industries.
Extensive Experiments
A thorough or wide-ranging series of tests or investigations conducted to explore a hypothesis or understand a phenomenon better.
Social Regulation
Policies designed to protect Public welfare, including health, safety, and the environment.
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