20 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $22,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, 1/90, FOB shipping point. The goods cost Troy $14,748. Sydney pays $485 cash to Express Shipping for 12 Sydney returns $1,300 of the $22,000 of goods to Troy, who receives then the same day and restores them to its 20 Sydney pays Troy for the amount owed. Troy receives the cash inediately. (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. Preporo Journal entries that Troy Wholesalers (seller) records for these three transactions 0102 09 Complete this question by entering your answers in the tabs below. Required 1 Required Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list View Journal entry worksheet No Date General Journal May 11 Merchandise inventory Accounts payable Dabit Credit 1 22.000 22,000 485 2 May 11 Merchandise inventory Cash 185 / 3 1,300 May 12 Accounts payable Merchandise inventory 1.300 ME G Complete this question 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 X Debit Credit 22,000 22,000 485 485 0 Sydney accepts delivery of $22,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $14,740. Sydney pays $485 cash to Express Shipping for delivery charges on the merchandise. Sydney returns $1,300 of the $22,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. Sydney pays Troy for the amount owed. Troy receives the cash immediately 1,300 1,300 2,600 78 2,522 Required 2 > Note : - journal entry has been entered