Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retaling (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of S35,000 of merchandise it purchases for resale tra Trey i invoice dated May Iii tera 3/10, n/90: roe shipping point. The goods cost Troy $23,450. Sydney pays $445 cash to Express Shipping for delivery charges on the nerchandise. 12 Sydney returns $1,400 of the $35,000 ot goods to Troy, who receives them the sase day and restores thea to its Inventory. The returned gooda had cost Troy $938 20 Sydney pays Troy tor the anount oved. Troy receives the cash imediately. (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 Journal entry worksheet Sydney accepts delivery of $35,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $23,450 Note: Enter debits before credes May 1 (Prev 90, 1711 Next