Required information Exercise 4-230 Recording sales, purchases, shipping, and returns: buyer and seller-perpetual and net method LO P7 [The following information applies to the questions displayed below.] Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 1: Sydney accepts delivery of $44,000 of merchandise it purchases for resale from Troy: avesce dated Mey 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $32,000. Sydney pays 3310 cash to Express Shopping for delivery charges on the merchandise. May 12 Sydney returns $1,200 of the $44,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy S800. May 20 Sydney pays Troy for the amount owed. Troy receive the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the net method.) Exercise 4-23C Part 2 Seller 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet 1 2 3 4 5 Record the merchandise sold on account. Note: Enter debits before credits, General Journal Debit Credit es Date May 11 Record entry Clear entry View general journal Exercise 4-23C Part 2 Seller 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactior View transaction list Journal entry worksheet