Sydney Retailing (buyer) and Troy Wholesalers (seler) enter into the following transactions. Way 11 Sydney accepts delivery of $40,000 of menchandise 4 purchases for resale from Troy imvice daned May 11 , terms 310. N/90, FOB shipping point. The geods cost Trey \$26,800. Sydrey pays \$425 cash io Express Shipeing for. delivery charges on the merchandise. May 12 Sydney returns $1,300 of the $40,000 of goods 10 Troy, whe fectives them the same day and restores then fo its inventory. The rotumed goods had cost Troy \$\$71. May 20 Sydney pays Teoy for the amount owed. Troy recehes the cash immedathly. (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 Complete this question by entering your answers in the tabs below. Prepare joumal entries that Sydney Retailing (buyer) records for these three transactions. Journal entry worksheet 4 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 $26,800. Record Sydney's entry for this transaction. Note: Enter debien sefore oredes. Sydney Retailing (buyer) and Troy Wholesalers (selier) enter into the following transactions. Way 11 Sydney accepts delivery of $40,000 of metchandise it purchases for resale from Troy, invoice dated May 11 , teims 310, n90, FOB shipping point. The goods cost Troy $26,800. Sydney pays $425 cash tb Express Shipping for delvery charges on the merchandise. Mary 12 . Sydney reburns $1,300 of the $40,000 of goods bo Troy. who receives them the same day and restores them io its invenilory. The rotumed goods had cost Troy saz1. 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 gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) rocords for these throe transactions. 2. Prepare joumal entries that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Journal entry worksheet 2345 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 $26,800, Record Troy's entry for this transaction. Note: Enter deblhs Befare crestes
