Exercise 5+7 Recocding sales, purchases, shipping, and returns - bijyer ond seller Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. Both Sydiey. P1 P2 and Troy use a perpetual imventory system and the gross method. May 11 Sydacy accepts delivery of $40,000 of merchandise it purchases for resale from Troy: involice dated Mary 11; terms 3/10, a/90; FOB shipping point. The goods cost Troy 530,000 . Sydeecy pays $345 cash to Express S happing for delivery charges on the merchandise. 12 Sydney returns $1,400 of the $40,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,050. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. Eherk (1) Moy 20,E. Conty47icha? 1. Prepare joural entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these throe transactions