undefined

BANK STATEMENT Checks and EFTS Deposits $ 365 $12,350 Date Aug. 1 2 3 4 5 9 10 15 21 24 25 30 30 31 460 300 820 150 EFT Balance $17,960 17,595 29,945 29,485 29,185 28,365 28,215 33, 115 32,805 13,255 19,855 19,055 21,555 21,400 4,900 310 $19,550 6,600 800 EFT 2,500 * 155 t *$2,500 interest collected. t Bank service charge. Aug. 1 Balance Deposits Aug. 2 12 Cash (A) 16,835 Checks written and electronic funds transfers Aug. 2 12,350 4 4,900 15 6,600 17 5,950 18 20 23 CON 24 31 EFT 150 820 280 460 EFT 800 310 19,550 Outstanding checks at the end of July were for $300, $460, and $365. No deposits were in transit at the end of July. 5. What total amount of cash should be reported on the August 31, Current Year, balance sheet? Total amount of cash 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 $ 120,000 6,000 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 $800 in all transactions). Transactions during current year a. Sold merchandise for cash, $248,000. b. Sold merchandise to R. Smith; invoice price, $10,000. c. Sold merchandise to K. Miller; invoice price, $36,000. 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, $27,000. f. R. Smith paid his account in full within the discount period. g. Collected $93,000 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, $24,500. 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 $6,000 cash on an account receivable on sales in a prior year. 1. 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 2.5 percent of credit sales net of returns. Journal entry worksheet Sold merchandise for cash, $248,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general Journal 2. Show how the accounts related to the preceding sale and collection activities should be reported on the Current Year income statement SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Selling, general, and administrative expenses