Sydney Retailing (buyer) and. Troy Wholesalers (selier) enter into the following transactions. May 11 sydney accepts delivery of 535,000 of serchandise it purchane for renale frop troyi involoe dated ray 11 , torna 3/10, n/90, ron ohlpping point. The goods coot Froy 523,450 . Sydney pays 3365 cam to rxpresn shipping tor delivery dharges on the merchandine. inventory. The returned goods had coot sroy $938. May 20 sydney pays froy for the amount oved. Troy receives the canh imediately. (Both Sydney and Troy use a perpetual inventory system and the gross method) 1. Prepare journal entries that Sydney Retalling (buyer) records for these three 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. 1 Sydney accepts delivery of $35,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $23,450. Record Sydney's entry for this transaction. 2 Sydney pays $365 cash to Express Shipping for delivery charges on the merchandise. Record Sydney's entry for this transaction. 3 Sydnedifyeturns $1,400 of the $35,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938. Record Sydney's entry for this transaction. 2 Sydney pays $365 cash to Express Shipping for delivery charges on the merchandise. Record Sydney's entry for this transaction. 3 Sydney returns $1,400 of the $35,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938. Record Sydney's entry for this transaction. 4 Sydney pays Troy for the amount owed. Troy receives the cash infirhediately. Record Sydney's entry for this transaction. 1 Sydney accepts delivery of $35,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10,n/90, FOB shipping point. The goods cost Troy $23,450. Record Troy's entry for this transaction. 2 The goods cost Troy $23,450. Record Troy's entry for this transactions 3 Sydney returns $1,400 of the $35,000 of goods to Troy, who receives them the same day and restores them to its inventory. Record Troy's entry for this transaction. 4 The returned goods had cost Troy $938. Record Troy's entry for this transaction. 4 The returned goods had cost Troy $938. Record Troy's entry for this transaction. 5 Sydney pays Troy for the amount owed. Troy receives the cash immediately. Record Troy's entry for this transaction