{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T02:12:20-04:00", "answer_date": "2024-05-26 02:12:20", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1720100", "url": "\/study-help\/questions\/required-information-the-following-information-applies-to-the-questions-1720100", "question_creation_date_js": "2024-05-26T02:12:20-04:00", "question_creation_date": "May 26, 2024 02:12 AM", "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", "question_description": "\"image\"image\"image\"image\"image\"image", "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", "see_more_uri": "" }, "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" }, "question_posted": "2024-05-26 02:12:20", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/business-law-text-and-cases-15th-edition\/michael-mayfield-the-president-of-mendo-mill-and-lumber-co-in-california-875868", "description": "Michael Mayfield, the president of Mendo Mill and Lumber Co., in California, received a notice of a legal claim from Edward Starski. 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