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Norman Company Completed the Following Transactions in October: Norman Uses

Question 229

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Norman Company completed the following transactions in October: Norman uses a perpetual inventory system. Norman Company completed the following transactions in October: Norman 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 $3,000. (2) Oct. 23 sales return. The merchandise returned had a cost of $200. (3) Oct. 28 collection. 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 $3,000.
(2) Oct. 23 sales return. The merchandise returned had a cost of $200.
(3) Oct. 28 collection.

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(a) Oct. 8 $784 [Sales $800 - Sales disc...

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