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Newell Company completed the following transactions in October:Credit SalesSales ReturnsDate Oct.Oct.Oct.Oct.Oct.311172123Amount$ 6001,2005,0001,4001,800Terms2/10,/303/10, n/301/10, n/302/10, n/602/10,...

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Accounting

Newell Company completed the following transactions in October:Credit SalesSales ReturnsDate Oct.Oct.Oct.Oct.Oct.311172123Amount$ 6001,2005,0001,4001,800Terms2/10,/303/10, n/301/10, n/302/10, n/602/10, n/30DateAmountOct. 14Oct. 20Oct. 23Oct. 27$4001,000200400Instructions (a)Indicate the cash received for each collection. Show your calculations.(b)Prepare the journal entry for theOct. 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.(10p)Date ofCollectionOct.8Oct. 16Oct. 29Oct. 27Oct. 28
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