Checi Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $26,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $17,420. Sydney pays $480 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,600 of the $26,080 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,072. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. Assume that both buyer and seller use a periodic inventory system and the gross method. 1. Prepare journal entries that Sydney Retailing records for these transactions 2 Prepare journal entries that Troy Wholesalers records for these transactions Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Sydney Retailing records for these transactions iew transacton ist Journal entry worksheet Record the transportation cost paid to express shipping Note: Enter debits before credits. Date General Journal Debit Credit May 11