Exercise 5-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retalling (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $22,000 of merchandise it purchases for resale from Troy Invoice dated May 11, terme 3/10, 1/90, TOB shipping point. The goods cont Troy $14,740. Sydney pays $555 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,200 of the $22,000 of goods to Troy, who receives then the same day and restores them to its inventory. The returned goods had cost Troy $804. 20 Sydney pays Troy for the anount oved. Troy receives the cash inmediately, (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 journal entries that Troy Wholesalers (seller) records for these three transactions