Check my work Exercise 5-7 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 accepto delivery of $23,500 of merchandise it purchason for resale from Troy Invoice dated May 11, tema 3/10, 1/90; TOB shipping point. The goods cout Troy $15,745. Sydney pays $490 cash to iepress Shipping for delivery charges on the merchandise. 12 Sydney return $1,400 of the $23,500 of goods to Troy, who receives them the name day and restore them to its Inventory. The returned goods had cost Troy $938. 20 Sydney paya Troy for the amount oved. Troy receiven 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. 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 Journal entry worksheet View transaction list Journal entry worksheet 1 2 3 3 Sydney accepts delivery of $23,500 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $15,745. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Record entry Clear entry View general Journal Journal entry worksheet Sydney returns $1,400 of the $23,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938. Note: Enter debits before credits. Date General Journal Debit Credit May 12 Clear entry Record entry View general journal LIST pped Journal entry worksheet 1 2 3 40 Book Hint Sydney pays Troy for the amount owed. Troy receives the cash immediately. Print rences Note: Enter debits before credits. General Journal Debit Credit Dato May 20 Record entry Clear entry View general journal Prex 5 of 9 Next > MacBook Air Required Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet required a required Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Ded Journal entry worksheet 25 3 4 5 ok ht Record the cost of goods sold. nces Note: Enter debits before credits Date General Journal Debit Credit May 11 Record entry Clear entry View general Journal Prex 5 of 9 !!! Next > required Requirea e Cheche Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet Prepare joumal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet 1 2 3 5 Record the cost of sales return. Note: Enter debits before credits. Date General Journal Dobit Credit May 12 View general journal Clear entry Record entry MacBook Air Prepare foumal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet
