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Newell Company Completed the Following Transactions in October: Instructions

Question 100

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Newell Company completed the following transactions in October: Newell Company completed the following transactions in October: 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 $3500. (2) Oct. 23 sales return. The merchandise returned had a cost of $140. (3) Oct. 28 collection. Newell uses a perpetual inventory system. 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 $3500.
(2) Oct. 23 sales return. The merchandise returned had a cost of $140.
(3) Oct. 28 collection.
Newell uses a perpetual inventory system.

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