journal entry

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $36,000 of merchandise it purchases for resale from Troy: invoice dated May 11 , terns 3/10,n/98, FOB shipping point. The goods cost Troy $24,120. Sydney pays $415 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,500 of the $36,600 of goods to Troy, who receives then the same day and restores them to its inventory. The returned goods had cost Troy $1,005. May 20 Sydney pays Troy for the amount owed. Troy receives the cash imediately, (Both Sydney and Troy use a perpetual inventory system and the gross method) Required: 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. Complete this question by entering your answers in the tabs below. Journal entry worksheet 4 Sydney accepts delivery of $36,000 of merchandise it purchases for resale from Troy: involce dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $24,120. Record Sydney's entry for this transaction. Phines theer delute before erodits Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. Journal entry worksheet Sydney pays $415 cash to Express Shipping for delivery charges on the merchandise. Record Sydney's entry for this transaction. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. Journal entry worksheet Sydney returns $1,500 of the $36,000 of goods to Trey, who receives them the same day and restores them to its inventory. The returned goods had cost Troy 11.005. Record Sydney's entry for this transaction. testni Teker dutats befura eremis. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. Journal entry worksheet