Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO PI, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $37,000 of merchandise it purchases for resale from Troy iInvoice dated May 11;: terms 3/10, n/90, FOB shipping point. The goods cost Troy $24,790. Sydney pays $370 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney retuns $1,300 of the $37,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871 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 joumal 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 $37,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $24,790. Note: Enter debits before credts, Date General Journal Debit Credit May 11 View general journal Required 2 tpx?lodo-c15SinglePrintView&singleQuestionNo 4.&postSubmissionView 132527073436701498wid-132527073741720938t