Sydney Retailing (buyen) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $37,000 of merchandise it purchases for resale from Troy: Invoice dated May 11, terms 3/10, 1/90, FOB shipping point. The goods cost Troy $24,790. Sydney pays $410 cash to Express Shipping for delivery charges on the merchandise 12 Sydney returns 51,600 of the $37,890 of goods to Troy, who receives then the same day and restores them to its Inventory. The returned goods had cost Troy $1,072. 20 Sydney pays Troy for the amount owed. Troy receives the cash imediately. Assume that both buyer and seller use a periodic 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions View transaction list Journal entry worksheet 1 2 3 4 Sydney accepts delivery of $37,000 of merchandise it purchases for resale from Troy Invoice dated May 11, terms 3/10, 1/90, FOB shipping point. The goods cost Troy $24,790 Note Enter debits before credits Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list Journal entry worksheet Sydney accepts delivery of $37,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, 1/90, FOB shipping point. The goods cost Troy $24,790. Note: Enter debits before credits. Date May 11 General Journal Debit Credit Record entry Clear entry View general journal Required 2 > Record the transportation cost paid to express shipping. Note: Enter debits before credits General Journal Date May 11 Debit Credit Record entry Clear entry View general Journal Required 2 > Sydney returns $1,600 of the $37,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,072. Note: Enter debits before credits. General Journal Debit Credit Date May 12 Record entry Clear entry View general journal Required 2 > Sydney returns $1,600 of the $37,000 of goods to Troy. Note: Enter debits before credits General Journal Date May 12 Debit Credit Record entry Clear entry View general journal Sydney mails a check to Troy Corporation for the amount owed. Troy receives the cash immediately. Note: Enter debits before credits. General Journal Debit Credit Date May 20 Record entry Clear entry View general journal