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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 $48,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $33,000. Sydney pays $320 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,200 of the $48,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $825. 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.) 1. Prepare journal entries that Sydney Retailing records for these transactions. 1. Prepare journal entries that Sydney Retailing records for these transactions. Answer is complete but not entirely correct. No Date General Journal Credit Debit 48,000 1 May 11 Merchandise inventory Accounts payable 48,000 May 11 320 N Cost of goods sold Sales 320 3 May 12 1,200 Accounts payable Merchandise inventory OO 1,200 4 May 20 46,800 Accounts payable Merchandise inventory Cash 1,404 45,396 [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 $48,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $33,000. Sydney pays $320 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,200 of the $48,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $825. 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.) 2. Prepare journal entries that Troy Wholesalers records for these transactions. View transaction list X 1 Record the merchandise sold on account. > 2 Record the cost of goods sold. 3 Record the sales return. 4 Record the cost of sales return. 5 Record the cash collected for credit sales. Credit