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Answer the following questions related to Sykes Company ...

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Question

Accounting

Answer the following questions related to Sykes Company
1 Sykes sold merchandise for revenue of $240,000. Record the related
accounting entry.
2 Sykes sold 20 units of it product for a price of $500 per unit to Smith
This is a credit sale with credit terms 2/10 net 30 . Record the related
accounting entry
3 Two days after the above sale Smith returned 1 units purchased and
received an account credit Record the accounting entry related to this
Smith paid for the above transactions in full within the discount period
Record the accounting entry related to this.
4 Assuming these are the only sales transactions for the month, prepare
a schedule that summarizes the net sales activity

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