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 $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 $36,eee. Sydney pays $350 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,500 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 $1,080. 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.) 1. Prepare journal entries that Sydney Retailing records for these transactions, Journal entry worksheet 1 2 3 4 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. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Record entry Clear entry View general journa 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 $50,6ee of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $36,000. Sydney pays $350 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,500 of the $50,eee of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,080. 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 records for these transactions. 2. Prepare journal entries that Troy Wholesalers records for these transactions. View transaction list Journal entry worksheet