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Savod Help Save & Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $26,500 of merchandise

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Savod Help Save & Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $26,500 of merchandise it purchases for resale from Troy: Invoice dated May 11, term 3/10, n/90, Too shipping point. The goods cost Trey 517.755, Sydney pays $320 cash to Express Shipping for delivery charges on the merchandise May 12 Sydney returns $1,300 of the $26.500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy 5871 May 20 Sydney pays Troy for the amount owed. Troy receives the cash imediately. (Both Sydney and Troy use a perpetual inventory system and the gross method) 1. Prepare Journal entries that Sydney Retailing (buyer records for these three transactions 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions Journal entry worksheet The goods cost Troy $17,755. Record Troy's entry for this transaction. Note: Enter debits before credits. General Journal Debit Date May 11 Credit Record entry Clear entry View general journal Journal entry worksheet 1 2. 3 4 5 Sydney returns $1,300 of the $26,500 of goods to Troy, who receives them the same day and restores them to its inventory. Record Troy's entry for this transaction. Note: Enter debits before credits. General Journal Debit Date May 12 Credit Record entry Clear entry View general journal View general journal Journal entry worksheet 1 2 3 4 5 > The returned goods had cost Troy $871. Record Troy's entry for this transaction. Note: Enter debits before credits. Date General Journal Debit Credit May 12 Record entry Clear entry View general journal Journal entry worksheet

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