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2. Prepare journal entries that Troy Wholesalers records for these transactions. X Answer is not complete. No Date General Journal Debit Credit 1 May 11 Accounts receivable 40,000 Sales 40,000 x 2 May 11 30,000 Cost of goods sold Merchandise inventory 30,000 3 May 12 Sales returns and allowances 1,400 X Accounts receivable 1,400 4 May 12 Merchandise inventory 800 x Cost of goods sold 800 5 May 20 37,442 1,158 X 38,600 Required information [The following information applies to the questions displayed below.) Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 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. 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 them the same day and restores them to its inventory. The returned goods had cost Troy $1,050. May 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the net method.)