Problem 7: Revenue Transactions May 11 Sydney accepts delivery of $50,000 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 $500 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $4,000 of the $50,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $2,400. May 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. 1. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Date General Journal - Troy Wholesalers - Seller Debit Credit Cash receipt within 3% discount period