Exercise 4-19A Recording sales, purchases, shipping, and returns: buyer and seller-periodic LO P5 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $34,000 of merchandise it purchases for resale from Troy Invoice dated May 11, terms 3/10, 1/00, FOB shipping point. The foods cost Troy $22,700. Sydney pays $300 cash to Express Shipping for delivery charges on the merchandise 12 Sydney returns $1,500 of the 534,000 of goods to Troy, who receives then the same day and restores them to its inventory. The returned goods had cost Troy $1,005 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 (buyer) records for these three transactions 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions