Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LOP1, P2 Sydney Retaing (buyen) and hoy Wholesalers. (sellet) enter into the following transactions: Moy 11 Sydney accepts delivery of $32,500 of merchandise it purchases for resale froh Iroy: invelce dated May 11 : terms 3/10, n/20; merchandtie. the returned eoods had cost froy $1,005. 20 Sydney pays troy for the anount oued, Troy recelves the cash inediately. (Hoth Sydney and Troy use a perpetual imventary system and the gross method) 1. Prepare journal entres that Sydney Retailing (buyer) records for these theee fransuctions 2. Prepare jouthat entues that froy Wholesalers (selted) records for these three transactions Complete this question by entering vour answers in the tabs below. Prepare joumal entnes that Sindney Retailing (bujer) records for these thee transactions. Journal entry worksheet 2. 314 Sydney accepts detivery of $32,500 of merchandise is purchases for resale Exercise 4.7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing foxyer) and Troy Wholesalers (selfet) enter into the following transactions. merchandise. the returned flood had colt Iroy \$1,00s. (Eoth Sydney and Troy use o perpetuol inventory isystem and the gross method.). 1. Prepore fournal entres that Sydney Retaling (buyen) records for these three fransactions 2. Piopare journal entries that Troy Wholesiolors (seller) recordh for these three transactions Complete this question by entering vour answers in the tabs below. Prepare joumal entries that froy Whotesalers (seller) recoeds for theve three transactions