Required information

$[$The following information applies to the questions displayed below.$]$

The following data were selected from the records of Sykes Company for the year ended December $31,$

current year.

In the following order, except for cash sales, the company sold merchandise and made collections on credit

terms $2/10,\frac{n}{30}($assume a unit sales price of $$700$ in all transactions$).$

Transactions during current year:

a$.$ Sold merchandise for cash, $$240,000.$

b$.$ Sold merchandise to R$.$ Smith; invoice price, $$10,000.$

c$.$ Sold merchandise to K$.$ Miller; invoice price, $$27,000.$

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, $$25,000.$

f$.$ R$.$ Smith paid his account in full within the discount period.

g$.$ Collected $$96,000$ cash from customer sales on credit in prior year, all within the discount periods.

h$.$ K$.$ Miller paid the invoice in $($c$)$ within the discount period.

i$.$ 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 $$7,000$ cash on an account receivable on sales in a prior year.

I. Wrote off a prior year account of $$3,000$ after deciding that the amount would never be collected.

$m.$ The estimated bad debt rate used by the company was $1\mathrm{.}0$ percent of credit sales net of returns.

Required:

Using the following categories, indicate the effect of each listed transaction, including the write$-$off of the

uncollectible account and the adjusting entry for estimated bad debts $($ignore cost of goods sold$).$ The first transaction is

used as an example.

Note: Round your answers to the nearest whole dollar amount. Any decrease in account balances should be

indicated by a minus sign.