# I don't know how to solve problem 7p from Chapter 6 , I would highly appreciate...

###### Question:

I don't know how to solve problem 7p from Chapter 6 , I would highly appreciate a detailed answer key! :)

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) $124,000 Allowance for doubtful accounts 10,000 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

a. Sold merchandise for cash, $238,000. b. Sold merchandise to R. Smith; invoice price,$9,000.

c. Sold merchandise to K. Miller; invoice price, $32,000. 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,$23,000.

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

g. Collected $88,000 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,$26,500.

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 $4,000 cash on an account receivable on sales in a prior year. l. Wrote off 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 4.5 percent of credit sales net of returns.

Prepare the journal entries for these transactions, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts. Do not record cost of goods sold. Show computations for each entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount.)

#### Similar Solved Questions

##### A series RLC circuit has a 242 Hz resonant frequency, and is driven by an AC...
A series RLC circuit has a 242 Hz resonant frequency, and is driven by an AC voltage source at 315 Hz. The circuit has a 75.0 resistor and a 66.0 mH inductor. The maximum current is 1.20 A. a) Find the capacitance in the circuit. b) Find the maximum voltage of the source. c) Find the average power ...
##### Please show all work thanks 4. Jerry runs a pizza restaurant. His production function is Q(KL)...
please show all work thanks 4. Jerry runs a pizza restaurant. His production function is Q(KL) = 10K04L0.5, where K is the number of oven machine hours, L is the number of labor hours, and output is measured in pies. The rental rate associated with oven machine hours is $6, and the wage rate is$...
##### Case Study-Deep Vein Thrombosis Melody Smith is a 57-year old, 1 ½ pack per day (PPD)...
Case Study-Deep Vein Thrombosis Melody Smith is a 57-year old, 1 ½ pack per day (PPD) smoker. She works as a secretary in a legal office. When Melody woke this morning she noticed that she was experiencing right calf pain and some slight swelling. She also noticed that her calf was warm to th...
##### The following is taken from Ronda Co.'s internal records of its factory with two production departments....
The following is taken from Ronda Co.'s internal records of its factory with two production departments. The cost driver for indirect labor and supplies is direct labor costs, and the cost driver for the remaining overhead items is number of hours of machine use. Direct Labor $17,000 15,000$32,...
##### Given two int values, return their sum. Unless the two values are the same, then return...
Given two int values, return their sum. Unless the two values are the same, then return double their sum sum_double (1, 2) 3 sum_double (3, 2) 5 sum_double (2, 2)8 def sum_double(a, b) Python Warmup-2 > front_times prev next chance Given a string and a non-negative int n, we'll say that the f...
##### Scores on an english test are normally distributed with a mean of 33.6 and a standard deviation of 8.3
Scores on an english test are normally distributed with a mean of 33.6 and a standard deviation of 8.3. Find the 41st percentile?...
##### 44. Show that the integral dt in Example 28.11 21/RC has the value RC. We were...
44. Show that the integral dt in Example 28.11 21/RC has the value RC. We were unable to transcribe this image...
##### Find the x-intercept of x - 2y = 9
Find the x-intercept of x - 2y = 9....
##### Part 6 Write the IUPAC name for the following compound: CH, CH3-N-CH, Spell out the IUPAC...
Part 6 Write the IUPAC name for the following compound: CH, CH3-N-CH, Spell out the IUPAC name of the compound. Submit Request Answer...
##### 1. A figure skater glides along a circular path of radius 5.28m. (a) If she coasts...
1. A figure skater glides along a circular path of radius 5.28m. (a) If she coasts around one half of the circle, find the magnitude of the displacement vector. (SI unit: m) (b) If she coasts around one half of the circle, find what distance she skated. (SI unit: m) (c) What is the magnitude of the ...
##### Question 2 You may use the Normal distribution when you have the standard deviation of the...
Question 2 You may use the Normal distribution when you have the standard deviation of the sample and the sample size is higher than 30. True False Question 3 With of 98 and a sample standard deviation of 10, the sample size of 16, and the population mean (μ) of a 100, the experimental t value is...
##### Exercise 2-1 Compute a Predetermined Overhead Rate (LO2-1) Harris Fabrics computes its plantwide predetermined overhead rate...
Exercise 2-1 Compute a Predetermined Overhead Rate (LO2-1) Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 32.000 direct labor-hours would be required for the period's estimated level o...
##### Using Nodal analysis to find lo 3νο 3 Ω 6 Ω 6 Ω 10 V
Using Nodal analysis to find lo 3νο 3 Ω 6 Ω 6 Ω 10 V...