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Newell Company completed the following transactions in October: Credit Sales Sales Returns Date of Collection Date Amount Date Amount Oct. 3 Oct. 8 Oct. 16
Newell Company completed the following transactions in October: Credit Sales Sales Returns Date of Collection Date Amount Date Amount Oct. 3 Oct. 8 Oct. 16 Oct. 11 Oct. 14 $600 1,700 5,000 1,400 2,300 Terms 2/10, n/30 3/10, n/30 1/10, n/30 2/10, n/60 2/10, n/30 Oct. 17 Oct. 20 $400 1,000 200 Oct. 29 Oct. 21 Oct. 23 Oct. 27 Oct. 23 Oct. 27 400 Oct. 28 Indicate the cash received for each collection. Show your calculations. Date of Collection Oct. 8 $ Oct. 16 $ Oct. 29 $ Oct. 27 $ Oct. 28 Prepare the journal entry for the following. (1) (2) (3) Oct. 17 sale. The merchandise sold had a cost of $3,500. Oct. 23 sales return. The merchandise returned had a cost of $140. Oct. 28 collection, Newell uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) Oct. 17 (To record credit sale) (To record cost of good sold) (2) Oct. 23 (To record credit granted for returned goods) (To record cost of good returned) (3) Oct. 28
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