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"meta_title": "[Solved] ! Required information [The following inf | SolutionInn",
"meta_description": "Answer of - ! Required information [The following information applies to the questions displayed below.] Sydney Retailing (buyer) | SolutionInn",
"meta_keywords": "required,information,applies,questions,displayed,below,sydney,retailing,buyer,troy,wholesalers,seller",
"question_title_h1": " ! Required information [The following information applies to the questions displayed below.] Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.",
"question_title": " ! Required information [The following information applies to the questions displayed",
"question_title_for_js_snippet": " 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 ) 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions View transaction list N a O Record the merchandise sold on account Date May 11 General Journal Debit Credit Accounts receivable 40,000 Sales 40,000 lote Enter debits before credits Journal entry worksheet 1 2 3 4 5 Record the cost of goods sold Note Enter debits before credits Date May 11 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the sales return Note Enter debits before credits Date May 12 LO General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 Record the cost of sales return Note Enter debits before credits Date May 12 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 Record the cash collected for credit sales Note Enter debits before credits Date May 20 General Journal Debit Credit Record entry Clear entry View general journal",
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"transcribed_text": "! 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.) 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list N a + O Record the merchandise sold on account. Date May 11 General Journal Debit Credit Accounts receivable 40,000 Sales 40,000 lote: Enter debits before credits. Journal entry worksheet < 1 2 3 4 5 Record the cost of goods sold. Note: Enter debits before credits. Date May 11 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1 2 3 4 Record the sales return. Note: Enter debits before credits. Date May 12 LO General Journal Debit Credit > Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 Record the cost of sales return. Note: Enter debits before credits. Date May 12 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet > 1 2 3 4 5 Record the cash collected for credit sales. Note: Enter debits before credits. Date May 20 General Journal Debit Credit Record entry Clear entry View general journal",
"related_book": {
"title": "Financial Accounting Tools for Business Decision Making",
"isbn": "9781118560952, 1118560957, 978-0470239803",
"edition": "5th Edition",
"authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso",
"cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/112.jpg",
"uri": "\/textbooks\/financial-accounting-tools-for-business-decision-making-5th-edition-112",
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"free_related_book": {
"isbn": "0131278185",
"uri": "\/textbooks\/college-accounting-study-guide-with-working-papers-a-practical-approach-9th-edition-9780131278189",
"name": "College Accounting Study Guide With Working Papers A Practical Approach",
"edition": "9th Edition"
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