Theolowing information apples the questions des below The following data were selected from the records of Ses Comey for the year ended De Biances January 1Cum Accounts price of $600 a ctions and use the gross rood in the following order, except for cash sales the company sold merchandhedmade collections on dirms 30. 30 Transactions during Current Sold mechandise for cash 5236 000 Sold merchandise to R St ocence $9.500 Sold merchandise tok i 522.000 Two days her purchas e of the purchased in and received account credit Sold mechando o 28 000 IR Shades contend Collected $92.000 cothrom m et s on credit or you within the discount periods Three days atter paying the countik M etuned seven detectives and received a cash refund A ccomod code 500 cash on mac c onsenso a 1 Wote ott a proyer of 52000 dength the o w never be collected The state added by the content of credito Required: 1. Using the following categories, indicate the effect of each led transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debesgnore cost of goods sold. The first transact used as an example. Round your answers to the nearest whole dollar amount. Amounts to be deducted should be indicated by a minus sign) Transaction Sales Returns and Allowances Bad Debt Expense Sale Sales Discounts Revenue ve taken 2000 95000 01 2017 25.500 S 000S (207S The following information applies to the questions disted below! The following data were selected from the record of Company or the end Balances January 1 Current Yes Accounts receivable us Customer Allowance for doubt accounts In the following r eceptor Cash sales the company sold merchandiende collections on a ce of $600 a ctors and gross method to record sales Transactions during Current Year Sold merchandise for ca $236.000 b. Sold merchandise to R Sath invoice price $9500 Sold mechandise tok Mitrice 2000 d Two days after purchased Sm e d e ns purchased indeed e Sold merchandise to B Serv ice ce $28.000 IR Smith and account in full within the discount period Colected $92000 cash from customer c atini yall with the pench h Miler paid the invoice in with the discount benod Sold merchandise to R o me $25.500 The days of the countuk Mindvendeve ceveda 4. Ahor the account period, cofected s5.000 cash on an account recevaban onsterford you Wrote a year account of 2000 d ing that the amount would never t ed The estimated bad debated by the corrow 10 cent of t he 4. 9.09 points 45 PM h a d the invece in within the discount benod Sold merchandise to Roy, invoice once $25.500 Three days after paying the account int e rmed eventives and ved Ater the discount period collected $5.000 cash on an account recevonst o ry Wote of a prior year account of $2.000 deading the amount would never be colded m The estimated bad debt rate used by the company was 10 percent of credit net of cash 9.09 points Rocuired infomation Required: 1. Using the following categories, indicate the effect of each listed transaction, including the writer off of the uncob account and te s ting entry formated bad used as an example. (Round your answers to the nearest whole dollar amount Amounts to be deducted should be indicated by a minus sign) gore cost of goods sold. The first transactions Transaction Sales Revenue Bad Debt Discounts (taken) Returns and Allowances Expense 9.500 22.000 0 28.000 ISO op 0 op OP op 25 500 op 07 321 000 $ S (267)
