1st journal entries

use these terms and sheets for the journal

2nd journal entry

1st journal sheet

2nd journal sheet

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $34,500 of merchandise it purchases for resale tron Troy! Invoice dated May 11, terma 3/10, 1/90, FOB shipping point. The goods cost Troy $23,115. Sydney pays 5600 cash to Express Shipping for delivery charges on the merchandise 12 Sydney returns $1,200 of the $34,500 of goods to Troy, who receives then the same day and restore them to its inventory. The returned goods had cost Troy $804. 20 Sydney pays Troy for the amount owed. 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. 1 Sydney accepts delivery of $34,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $23,115. 2 Sydney pays $600 cash to Express Shipping for delivery charges on the merchandise. 3 Sydney returns $1,200 of the $34,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. 4 Sydney pays Troy for the amount owed. Troy receives the cash immediately. General Journal Debit CE Accounts payable 12 Accounts receivable Accumulated depreciation Bond premium Bonds payable Building Cash Common stock Cost of goods sold Depreciation expense Discount on bonds payable Dividends declared Finance costs Goodwill Interest expense Interest income Interest payable Interest receivable Land Merchandise inventory Miscellaneous expenses Other expenses Sales Sales discounts Sales returns and allowances 1 Record the merchandise sold on account. Record the cost of goods sold. N 3 Record the sales return. 4 Record the cost of sales return. 5 Record the cash collected for credit sales. Lun by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list View journal entry worksheet No Date General Journal No Transaction Recorded Debit Credit May 11 2 May 11 No Transaction Recorded May 12 No Transaction Recorded 4 May 20 No Transaction Recorded Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list View Journal entry worksheet No Date Debit Credit General Journal No Transaction Recorded 1 May 11 2. May 11 No Transaction Recorded 3 May 12 No Transaction Recorded 4 May 12 No Transaction Recorded 5 May 20 No Transaction Recorded