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) $ 120,000 Allowance for doubtful accounts 8,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 2 10, n 30 (assume a unit sales price of $500 in all transactions and use the gross method to record sales revenue) Transactions during Current year Sold merchandise for cash, $235,000 Sold merchandise to R Smith invoice price, $11,500 Sold merchandise to K Miller invoice price, $26,500 Two days after purchase date, R Smith returned one of the units purchased in ( b ) and received account credit Sold merchandise to B Sears invoice price, $24,000 R Smith paid his account in full within the discount period Collected $98,000 cash from customer sales on credit in prior year, all within the discount periods Miller paid the invoice in ( c ) within the discount period Sold merchandise to R Roy invoice price, $19,000 Three days after paying the account in full, K Miller returned seven defective units and received a cash refund After the discount period, collected $6,000 cash on an account receivable on sales in a prior year Wrote off a prior year account of $3,000 after deciding that the amount would never be collected The estimated bad debt rate used by the company was 1 5 percent of credit sales net of returns I have completed some of them, please let me know if they are correct, and please help with the rest of the list Thank you so so much in advance Required 1 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 (Amounts to be deducted should be indicated by a minus sign ) Transaction Sales Revenue Sales Discounts (taken) Sales Returns and Allowances Bad Debt Expense $ 235,000 11,500 26,500 500 24,000 220 (b) (c) (d) (e) (f) (9) (h) (i) (1) (k) (1) (m) Total $ 297,000 $ 220 $ 500 $ 0

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[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

[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)	$	120,000
Allowance for doubtful accounts		8,000

In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 2/10, n/30 (assume a unit sales price of $500 in all transactions and use the gross method to record sales revenue).

Transactions during Current year

Sold merchandise for cash, $235,000.
Sold merchandise to R. Smith; invoice price, $11,500.
Sold merchandise to K. Miller; invoice price, $26,500.
Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit.
Sold merchandise to B. Sears; invoice price, $24,000.
R. Smith paid his account in full within the discount period.
Collected $98,000 cash from customer sales on credit in prior year, all within the discount periods.
Miller paid the invoice in (c) within the discount period.
Sold merchandise to R. Roy; invoice price, $19,000.
Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund.
After the discount period, collected $6,000 cash on an account receivable on sales in a prior year.
Wrote off a prior year account of $3,000 after deciding that the amount would never be collected.
The estimated bad debt rate used by the company was 1.5 percent of credit sales net of returns.

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I have completed some of them, please let me know if they are correct, and please help with the. rest of the list!

Thank you so so much in advance!!

Required: 1. 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. (Amounts to be deducted should be indicated by a minus sign.) Transaction Sales Revenue Sales Discounts (taken) Sales Returns and Allowances Bad Debt Expense $ 235,000 11,500 26,500 500 24,000 220 (b) (c) (d) (e) (f) (9) (h) (i) (1) (k) (1) (m) Total $ 297,000 $ 220 $ 500 $ 0