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Exercise 4-10 (Static) Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesaiers (seller) enter into the following transactions. Nay 11 Sydney accepts delivery of \$40,000 of merchandise it purchases for resale from Troy: invoice dated Kay 11 . teras 3/10,n/90, FoB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise. May 12 sydney returns $1,400 of the $40,000 of goods to Troy, who receives then the same day and restores then ta its inventory. The returned goods had cost Troy $1,050. May 20 Sydney pays Troy for the anount owed. Troy receives the cash imnediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare joumal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Journal entry worksheet Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11 , terms 3/10,n/90, FOB shipping point. The goods cost. Troy $30,000. Record Sydney's entry for this transaction. Note: Enter debits before credits. Journal entry worksheet Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise. Record Sydney's entry for this transaction. Note: Enter debits before credits. Journal entry worksheet 1 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. Record Sydney's entry for this transaction. Note: Enter debits before credits. Journal entry worksheet 1 Sydney pays Troy for the amount owed. Troy receives the cash immediately. Record Sydney's entry for this transaction. Note: Enter debits before credits