The following information was presented by the bookkeeper for NorthWave Communications for the month of October 2019. Northwave uses the perpetual inventory system.

Oct 8	Purchased $203,600 of inventory on account from Beta Wholesalers, terms 2/10, net 30
Oct 10	A portion of the inventory purchased from Beta Wholesalers was defective. Northwave returned $270 worth of inventory to the supplier.
Oct 12	Sold $104,000 of products to SouthShore on account, terms 2/10, net 30; cost of goods sold was $41,600 for this transaction.
Oct 14	SouthShore returned $2,080 of goods purchased on account. The cost of goods sold for the returned inventory is $1,248.
Oct 17	Purchased goods from EastCoast Trading Communications on account for $17,000 with terms of 3/10, net 30.
Oct 18	Some of the inventory purchased from EastCoast Trading Communications was slightly damaged. Northwave decided to keep the inventory but will receive a $510 allowance.
Oct 19	Sold $44,300 of products to West Island on account, terms 2/10, net 30; cost of goods sold was $17,720 for this transaction.
Oct 20	West Island discovered some scratches on some of the products they purchased on Oct 19. They will keep the product and Northwave will offer a $650 allowance.
Oct 21	Paid the amount owing to Beta Wholesalers.
Oct 23	Received payment from SouthShore.
Oct 24	Received payment from West Island.
Oct 25	Paid the amount owing to EastCoast Trading Communications.

Required

Use the Financial Statement templates to complete the question.

Answer the following multiple choice questions by selecting the correct answer from the dropdown boxes.

What would be the correct credit entry for the transaction on October 10? AnswerCredit Sales Return $270Credit Merchandise Inventory $270Credit Accounts Payable $270Credit Purchase Return $270

What would be the correct debit entry for the transaction on October 14 regarding the return? AnswerDebit Sales Return & Allowances $2,080Debit Merchandise Inventory $2,080Debit Accounts Receivable $2,080Debit Sales Revenue $2,080

1) How much is owing to Beta Wholesalers on October 21? Answer$199,528$199,263$203,600$203,330

2) How much cash is received from SouthShort on October 23? Answer$102,752$99,882$101,920$104,000

3) How much cash is received from West Island on October 24? Answer$43,650$42,777$43,414$44,300

4) How much cash is paid to East Coast Trading Communications on October 25? Answer$15,995$17,000$16490$16,010

5) What is the net sales value for October? Answer$148,300$144,697$145,570$147,427

6) Assuming opening inventory had a value of $0, what is the value of ending inventory on October 31? Answer$162,258$161,748$161,253$160,513

7) What is the total cost of goods sold for October? Answer$58,072$60,060$61,308$59,320