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P6-2 Reporting Net Sales and Expenses with Discounts, Returns, and Bad Debts LO6-2, 6-3 The following information applies to the questions displayed below) The following data were selected from the records of Sykes Company for the year ended December 3t, 2014. Balances January 1, 2014 Accounts recelvable (various customers) Allowance for doubtful accounts 115,000 5,000 In the foilowing order, except for cash sales, the company sold merchandise and made collections on credt terms 4/10. n/30 (assume a unit sales price of $800 in all transactions and use the gross method to record seles revenue). Transactions during 2014 a. Sold merchandise for cesh, $258,000 b. Sold merchandise to R. Smith; involce price, $8,500 c Sold merchandise to K. Miller, invoice price, $24,000 d. Two days after purchase date. R. Smith returned one of the units purchased in ( and received account credit e Sold merchandise to B. Sears: Invoice price, $23,000 t 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 peid the invoice in (d within the discount period l. Soid merchandse to R. Roy, Invoice price. $20,500. J- Three days after paying the account in full, K. Miller returned seven defective unts and recelved a cash refund k. After the discount period, collected $6,000 cash on an account receivable on sales in a prior year A Wrote off o 2013 account of $4,000 efter deciding thet the emount would never be collected m The estimated bad debt rete used by the company was 1o percent IM of credir sales net of returns References