The following data were selected from the records of Sykes Company for the year ended December 3 , current yeat In the following order, except for cash sales, the company sold merchandise and made collections on credit temin 4 ia n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year. a. Sold merchandise for cash, $238,000. b. Sold merchandise to R. Smith; invoice price, $11,500. c. Sold merchandise to K. Miller; invoice price. $32,000. d. Two days after purchase date. R. Smith returned one of the units purchased in ( G ) and received account crealit. e. Sold merchandise to B. Sears; invoice price, $29.000. f. R. Smith paid his account in full within the discount period. 9. Collected $94.000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the involce in (c) within the discount period. 1. Three days after paying the account in full, K. Miller retumed seven defective units and recelved a cash refurhat. 1. Sold merchandise to R. Roy: involce price, $21,500. k. After the discount period, collected $5,000 cash on an account reccivable on sales in a phior yoar- 1. Wrote off a prior year account of $4,000 after deciding that the amount would never be coliected. m. The estimated bad debt rate used by the company was 1.0 percent of credil sales net of returns. the adjusting entry for estimated bad debts (ignote cost of goods sold). The first transnction is ised ans an exampith Required: Note: Round your onswers to the nearest whole dollor amount. Any docreose in occount balene =4cob of 5 W t Next >