connect r 6 Homework Questions 8-90 The following Information applies to the questions displayed below The folowing data were selected from the records of Sykes Company for the year ended December 31, 2014. Balances January 1, 2014 Accounts receivable (various customers) Allowance for doubtful accounts 119,000 9,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 410, n/30 (assume a unit sales price of $800 in all transactions and use the gross method to record sales revenue) Transactions during 2014 a Sold merchandise for cash, $252,000. b. Soid merchandise to R. Smith: invoice price, $11,500. c. Sold merchandise to K. Miller, invoice price, $34,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $27,000. f R. Smith paid his account in full within the discount period. g. Collected $97000 cash from customer sales on credit in prior year, all within the discount periods. h. K Miler paid the invoice in (d within the discount period. L Sold merchandise to R. Roy, invoice price. $19,500 J Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k After the discount period, collected $6.000 cash on an account receivable on sales in a prior year L Wrote off a 2013 account of $5.000 after deciding that the amount would never be collected The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. 0.90 points Required: 1. Using the following catogorios. indicate the effect of each listed transaction incuding the wtile off of the uncol ectible account and the adjusting entry for estimatod bad debis tgnore cost of goods sold) he rst transacton s used as an: oxampleRound your answers to the nearest whote dollar amount Amounts to be deducted should be indicated by a minus sign.) sales Sales Sates Bad Debt