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Answer the following questions related to Sykes Company 1 Sykes sold merchandise for revenue of $240,000. Record the related accounting entry. 2 Sykes sold 20
Answer the following questions related to Sykes Company | |||||
1 | Sykes sold merchandise for revenue of $240,000. Record the related | ||||
accounting entry. | |||||
2 | Sykes sold 20 units of it product for a price of $500 per unit to Smith | ||||
This is a credit sale with credit terms 2/10 net 30 . Record the related | |||||
accounting entry | |||||
3 | Two days after the above sale Smith returned 1 units purchased and | ||||
received an account credit Record the accounting entry related to this | |||||
Smith paid for the above transactions in full within the discount period | |||||
Record the accounting entry related to this. | |||||
4 | Assuming these are the only sales transactions for the month, prepare | ||||
a schedule that summarizes the net sales activity |
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