Exercise 4-10 (Algo) 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 $26,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terma 3/10, n/90, FOB shipping point. The goods cost Troy $17,420. Sydney pays $365 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,100 of the $26,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. May 20 Sydney pay. Troy for the amount owed. Troy receives 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. ces Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list Journal entry worksheet 1 2 3 4 Sydney accepts delivery of $26,000 of merchandise it purchases for resale from Trnvinunire date May 11 terme 3/1 n/a FOR chinnin noint The View transaction list Journal entry worksheet 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. Record Sdney's entry for this transaction. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Record entry Clear entry View general journal View transaction list 1 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. Record Sydney's entry for this transaction. 2 Sydney pays $365 cash to Express Shipping for delivery charges on the merchandise. Record Sydney's entry for this transaction. 3 Sydney returns $1,100 of the $26,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. Record Sydney's entry for this transaction. 4 Sydney pays Troy for the amount owed. Troy receives the cash immediately. Record Sydney's entry for this Note: = journal entry has been entered Record entry Clear entry Recured Neyuncu 1 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet View transaction list X: 1 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. Record Troy's entry for this transaction. esa nt. 2 The goods cost Troy $17,420. Record Troy's entry for this transaction. 3 Sydney returns $1,100 of the $26,000 of goods to Troy, who receives them the same day and restores them to its inventory. Record Troy's entry for this transaction. 4 The returned goods had cost Troy $737. Record Troy's entry for this transaction. 5 Sydney pays Troy for the amount owed. Troy receives Note : = journal entry has been entered Record entry Clear entry View
