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 $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.
Definitions:
Sales Message
A sales message is communication designed to persuade a potential buyer about the benefits of a product or service, with the goal of initiating a purchase.
Sensual Feelings
Experiences or emotions related to physical pleasure or the satisfaction of the senses.
Status
A condition or situation at a particular time, often relating to social or professional standing.
Ego
The part of the self that involves self-esteem and self-importance, heavily influencing decision-making and interactions.
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