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.

Balances January $1,$ Current Year

Accounts receivable $($various

customers$)$

Allowance for doubtful accounts $,7,000$

In the following order, except for cash sales, the company sold merchandise and made collections on credit terms $4/10,$

$\frac{n}{30}($assume a unit sales price of $$600$ in all transactions$).$

Transactions during current year

a$.$ Sold merchandise for cash, $$256,000.$

b$.$ Sold merchandise to R$.$ Smith; invoice price, $$9,500.$

c$.$ Sold merchandise to K$.$ Miller; invoice price, $$24,000.$

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, $$26,000.$

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

g$.$ Collected $$97,000$ 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 $$5,000$ cash on an account receivable on sales in a prior year.

I. Wrote off a prior year account of $$2,000$ after deciding that the amount would never be collected.

$m.$ The estimated bad debt rate used by the company was $1\mathrm{.}5$ percent of credit sales net of returns.$\backslash$table$[[,$No$,$Transaction,General Journal,Debit,Credit$],[,1,$a$.,$Cash,$256,000,],[,,,$Sales revenue,,$256,000],[,2,$b$.,$Accounts receivable $($R$.$ Smith$),9,500,],[,,,$Sales revenue,,$9,500],[,3,$c$.,$Accounts receivable $($K$.$ Miller$),24,000,],[,,$Sales revenue,,$24,000],[\%,4,$d$.,$Sales returns and allowances,$600,],[,,$Accounts receivable $($R$.$ Smith$),,600],[,5,$e$.,$Accounts receivable $($B$.$ Sears$),26,000,],[,,,$Sales revenue,,$26,000],[\%,6,$f$.,$Cash,$9,500,],[,,$Sales revenue,,$9,500],[,7,$g$.,$Cash,$97,000,],[,,$Accounts receivable $($prior year$),,97,000],[,8,$h$.,$Cash,$24,000,],[,,,$Accounts receivable $($K$.$ Miller$),,24,000]]$