16 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3710, n/90, POB shipping point. The goods cost Troy $16,750. Sydney pays $570 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,400 of the $25,000 of goods to Troy, who receives them the same day and restores them to its Inventory. The returned goods had cont Troy $938. 20 Sydney pays Troy for the amount oved. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions, Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 5:32 View transaction list Journal entry worksheet 1 2 3 > Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Note: Enter debits before credits. General Journal Debit Credit Date May 11 Record entry Clear entry View general journal Required Required 2 > Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 25:27 View transaction list Journal entry worksheet Prey 1 of 5 Next > Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 25 View transaction list Journal entry worksheet 1 N 2 3 Sydney returns $1,400 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938. Note: Enter debits before credits. General Journal Debit Credit Date May 12 Record entry Clear entry View general journal Required Required 2 > Prey 1 of 5 Next > 1:25:22 View transaction list Journal entry worksheet 1 2 3 Sydney pays Troy for the amount owed. Troy receives the cash immediately. Note: Enter debits before credits. General Journal Debit Credit Date May 20 Record entry Clear entry View general Journal Required Required 2 > w Prey 1 of 5 !!! Next > MacBook Air Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. 01:25:13 View transaction list Journal entry worksheet 2. 3 4 5 Record the merchandise sold on account. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Record entry Clear entry View general Journal Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. 25:10 View transaction list Journal entry worksheet 1 3 4 5 > Record the cost of goods sold. Note: Enter debits before credits Dato General Journal Debit Credit May 11 Record entry Clear entry View general journal Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. 1:25:07 View transaction list Journal entry worksheet Record the sales return. Note: Enter debits before credits. Date General Journal Debit Credit May 12 Record entry Clear entry View general journal MacBook Air Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. 01:25:04 View transaction list Journal entry worksheet tien 1 Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. 01:25.02 View transaction list Journal entry worksheet