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 $31,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $20,770. Sydney pays $540 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,200 of the $31,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. May 20 Sydney pays 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. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. Journal entry worksheet Sydney accepts delivery of $31,000 of merchandise it purchases for resale from Troy: invoice dated May 11 , terms 3/10, n/90, FOB shipping point. The goods cost Troy $20,770. Record Sydney's entry for this transaction. Note: Enter debits before credits. Exercise 4-10 (Algo) Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retalling (buyer) and Troy Wholesalers (seller) enter Into the following transactions. May 11 Sydney accepts delivery of $31,00 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $20,776. Sydney pays $540 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,200 of the $31,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. May 20 Sydney pays 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 entrles that Sydney Retalling (buyer) records for these three transactions. 2. Prepare Journal entrles that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. Journal entry worksheet 4 Sydney pays $540 cash to Express Shipping for delivery charges on the merchandise. Record Sydney's entry for this transaction. Note: Enter debits before credits. Exercise 4-10 (Algo) Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retalling (buyer) and Troy Wholesalers (seller) enter Into the following transactions. May 11 Sydney accepts delivery of $31,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $20,776. Sydney pays $540 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,200 of the $31,00e of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. May 2 Sydney pays 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 entrles that Sydney Retalling (buyer) records for these three transactions. 2. Prepare Journal entrles that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. Journal entry worksheet Sydney returns $1,200 of the $31,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. Record Sydney's entry for this transaction. Note: Enter debits before credits. Exercise 4-10 (Algo) Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retalling (buyer) and Troy Wholesalers (seller) enter Into the following transactions. May 11 Sydney accepts delivery of $31,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $2,770. Sydney pays $548 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,200 of the $31,00 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. May 20 Sydney pays 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 entrles that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. Journal entry worksheet