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just may 20th on both charts plz Exercise 4.7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy

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Exercise 4.7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepte delivery of $34,000 of merchandise it purchases for resale fron Troy: invoice dated May 11, terna 3/10, n/90, FOB shipping point. The goods cost Troy $22,780. Sydney pays $520 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,200 of the $34,000 of goods to Troy, who receives then the same day and restores them to its inventory. The returned goods had cost Troy SB04. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. No Date General Journal Debit Credit 1 May 11 34,000 Merchandise inventory Accounts payable OS 34,000 Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. No Date General Journal Credit Debit 34,000 1 May 11 Merchandise inventory Accounts payable 34,000 2 May 11 520 o Merchandise inventory Cash 520 3 May 12 1,200 > Accounts payable Merchandise inventory ol 1,200 4 May 20 32,800 0 Accounts payable Merchandise inventory Cash Required Required 2 > Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. No General Journal Debit Credit Date May 11 1 > Accounts receivable Sales 34,000 34,000 2 May 11 Cost of goods sold Merchandise inventory 22,780 22,780 3 May 12 1,200 Sales returns and allowances Accounts receivable 1,200 3 May 12 Merchandise inventory Cost of goods sold 804 804 May 20 Cash Sales discounts >>> Accounts receivable

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