Storm Inc. completed the following transactions in October: Storm uses a perpetual inventory system.Instructions
a. Calculate 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 $200 and was returned to inventory.
(3) Oct. 28 collection.

Question

Storm Inc. completed the following transactions in October:  Storm uses a perpetual inventory system.Instructions 
a. Calculate 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 $200 and was returned to inventory.
(3) Oct. 28 collection.

Quizplus · Accepted Answer

The Answer of Storm Inc. completed the following transactions in October:  Storm uses a perpetual inventory system.Instructions 
a. Calculate 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 $200 and was returned to inventory.
(3) Oct. 28 collection.

Storm Inc Completed the Following Transactions in October: Storm Uses