Check my work Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 111 terms 3/10, n/90; FOB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise ped 12 Sydney returns $1,400 of the $40,000 of goods to Troy, who receives them the sane day and restores them to its inventory. The returned goods had cost Troy 1,050 20 Sydney pays Troy for the amount oved. Troy receives the cash immediately int int ences 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions (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. 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 Prex 8 of 8 Next 888