Exercise 4-8 Analyzing and recording merchandise transactions-both buyer and seller LO P1, P2 On May 11, Sydney Co. accepts delivery of $35,500 of merchandise it purchases for resale from Troy Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping point. The goods cost Troy $23,785. When the goods are delivered, Sydney pays $590 to Express Shipping for delivery charges on the merchandise. On May 12, Sydney returns $2,360 of goods to Troy, who receives them one day later and restores them to inventory. The returned goods had cost Troy $1,581. On May 20 Sydney mails a check to Troy Corporation for the amount owed. Troy receives it the following day. (Both Sydney and Troy use a perpetual inventory system.) 1. Prepare journal entries that Sydney Co. records for these transactions. (Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet 4 On May 11, Sydney Co. accepts delivery of $35,500 of merchandise it purchases for resale from Troy Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping point. The goods cost Troy $23,785 Note: Enter debits before credits. Date General Journal Debit Credit May 11 Record entry Clear entry View general journal 2. Prepare journal entries that Troy Corporation records for these transactions. (Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet 2 3 4 Record the merchandise sold on account. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Record entry Clear entry View general journal