Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $36,000 of merchandise it purchases for resale from Troy: invoice dated May 11 , terms 3/10,n/90, FOB shipping point. The goods cost Troy $24,120. Sydney pays $520 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $2,100 of the $36,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,407. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. 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. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions Journal entry worksheet ournal entry worksheet Sydney accepts delivery of $36,000 of merchandise it purchases for resale from Troy: invoice dated May 11 , terms 3/10,n/90, FOB shipping point. The goods cost Troy $24,120. Prepare journal entries that Sydney Retailing (buyer) records for these thre Journal entry worksheet 4 Record the transportation cost paid to express shipping. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions Journal entry worksheet Sydney returns $2,100 of the $36,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,407. Note: Enter debits before credits. nsactions. Prepare journal entries that Troy Wholesalers (seller) records for these three nsactions. Complete this question by entering your answers in the tabs below. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions Journal entry worksheet Sydney pays Troy for the amount owed. Troy receives the cash immediately. Note: Enter debits before credits. 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 journal entries that Troy Wholesalers (seller) records for these three transactions Journal entry worksheet Sydney accepts delivery of $36,000 of merchandise it purchases for resale from Troy: invoice dated May 11 , with terms of 3/10,n/90,FOB shipping point. Note: Enter debits before credits. 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 journal entries that Troy Wholesalers (seller) records for these three transactions Journal entry worksheet Sydney returns $2,100 of the $36,000 of goods to Troy. Note: Enter debits before credits. ransactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three ransactions. 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 Sydney mails a check to Troy Corporation for the amount owed. Troy receives the cash immediately. Note: Enter debits before credits
