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, terns 3/10, 1/90, TOB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise Hay 12 Sydney returna $1,400 of the $40,000 of goods to Troy, who receive then the same day and restores then to its inventory. The returned goods had coat. 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 Journal entry worksheet Record the merchandise sold on account, Nobel te debits before credit General Journal Debit Date May 11 Credit Record entry Clear entry View general journal 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list cos Journal entry worksheet Record the cost of sales return. Note: Enter debits before credits General Journal Date May 12 Debit Credit Record entry Clear entry View general journal 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet 2 3 4 5 Record the cash collected for credit sales. Note: Enter debits before credits General Journal Dobit Date May 20 Credit Record entry Clear entry View general journal