Prepare journal entry for all the transactions

Assignment Help Financial Management
Reference no: EM13873603

Sykes Company for the year ended December 13,2014

Balances January 1,2014

Accounts receivable (various customers) $120,000

Allowance for doubtful accounts 8,000

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)

Transaction during 2014

a. Sold merchandise for cash, 235,000

b. Sold merchandise to R. Dmith: invoice price, 11,500

c. Sold merchandise to K. Miter; invoice price, 26,500

d. Tow days after purchase date, R. Dmith returned one of the units purchased in (b) and received account credit.

e. Sold merchandise to B Sean; invoice price. 24,000

f. R. Dimth paid his account in full within the discount period.

g. Collected 98,000 cash from customer sales on credit in prior year, all within the discount periods

h. K. Miter paid the invoice in (c) within the discount period

i. Sold merchandise to R. Roy; invoice price, 19,000

j. Three days after paying the account in full, K. Miter 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

l. Wrote off a 2013 account of 3.000 after deciding that the amount would never be collected.

Required:

Prepare Journal Entry for all the transactions above

Reference no: EM13873603

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