The folowing data were selected from the records of Sykes Company for the year ended December 1, Current Yes Balances Jauny Current Accounts receivable various customers Allowance for doubt accounts $ 23,000 B000 In the following order, except for cash sales, the company sold merchandise and made collections on creditors 4/10, 1/30 (sume a unit sale price of $700 in all transactions and use the grous method to record sale revenue Transactions during Current Year a Sold merchandise for cash, $254,000 b. Sold merchandise to R. Smith invoice price $9.500 Sold merchandise to K. Miler invoice price $2,000 d. Two days after purchase date, R. Smith returned one of the units purchased in and received account credit R. Smith paid his account in full within the discount period to B. Sears, Invoice price $23,000 Colected $99,000 cash from customer sales on credit in prior year, all within the discount period h Miller paid the invoice in ( within the discount period Sold merchandise to R. Roy, invoice price $24,500 Three days after paying the account in ful, K. Miller returned seven defective units and received a cash refund k. After the discount period, colected $6,000 cash on an account recevable on sales in a prior year 1. Wrote of a prior year account of $4,000 after deciding that the amount would never be collected m. The estimated bad debt rate used by the company was 10 percent of credit sales net of retums. Required: 1. Using the following categories indicate the set of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts gore cost of goods sold). The first transaction is used as an example (Round your answers to the nearest whole dollar amount Amounts to be deducted should be indicated by a minus sign.) Bad Debt Revenue Allowances $ 254.000 d Total 2. Show how the accounts related to the preceding sale and collection activities should be reported on the 2014 income statement. (Trestales discounts as a controver) (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Spartial For the Year Ended December 31, Current year Not even Operating expenses MacBook Air F 17 A $ 4 % 5 & 7 2 3 6 8 9 0 Q W R E P T Y C S D F G H K L C V B N M