Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the follawing transactions May 11 Sydney accopts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11: terma 3/10, n/90; POB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the nerchandise 12 Sydney returns $1,400 of the $40,000 of goods to Troy, who receives them the aame day and restores them to ita inventory. The returned goods had cost Troy $1,050, 20 Sydney pays Troy for the amount oved. Troy receives the cash immediately Both Sydney and Troy use a perpetual Inventory system and the gross method) L. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions 2. Prepare journeal entries that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below Required Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list ournal entry worksheet Sydney accepts delivery of $40,000 of merchandise it urchases for resale from Troy: invoice dated May 11 s 3/10, n/90; FOB shipping point. The goods cost Lho,S30.000. Note: Enter debits before credits. Record entry View general journal Clear entry