UNIVERSITY Ex. 3. (5210) Newell Company completed the following transactions in October. Credit Sales Date Oct. 3 Oct. 11 Oct. 17 Oct. 21 Oct. 23 Terms 2/10, n/30 1,200 3/10, n/30 5,000 1/10, n/30 1,400 2/10, n/60 1,800 2/10, n/30 Amount $ 600 Sales Returns Date Oct. 14 Oct. 20 Oct. 23 Oct. 27 Amount $ 400 1,000 200 400 Instructions (a) Indicate the cash received for each collection. Show your calculations. (b) Prepare the journal entry for the (1) Oct. 17 sale. The merchandise sold had a cost of $3,500. (2) Oct. 23 sales return. The merchandise returned had a cost of $140. (3) Oct. 28 collection. Newell uses a perpetual inventory system. Date of Collection Oct. 8 Oct. 16 Oct. 29 Oct. 27 Oct. 28

Ex. 3. Instructions (a) Indicate the cash received for each collection. Show your calculations. (b) Prepare the joumal entry for the (1) Oct. 17 sale. The merchandise sold had a cost of $3,500. (2) Oct. 23 sales return. The merchandise returned had a cost of $140. (3) Oct. 28 collection. Newell uses a perpetual inventory system