3.00 points On May 11, Sydney Co. accepts delivery of $40,000 of merchandise it purchases for resale from Troy Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, V90, FOB shipping point. The goods cost Troy $30,000. When the goods are delivered, Sydney pays $345 to Express Shipping for delivery charges on the merchandise. On May 12, Sydney retums $1,400 of goods to Troy, who receives them one day later and restores them to inventory. The returned goods had cost Troy $800. On May 20, Sydney mails a check to Troy Corporation for the amount owed. Troy receives it the following day. 1. Prepare entries that the buyer should record for (a) the purchase and (b) the cash payment. Credit Answer is not complete. General Journal Accounts payable Merchandise inventory Debit 40,000 May 11 40,000 May 20 37.442 1,158 Cash Sales discounts Accounts receivable 39.600 X 2. Prepare entries that the seller should record for (a) the sale and (b) the cash collection (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is not complete. General Journal Credit Debit 40,000 No Date May 11 40,000 Merchandise inventory Cash