Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $31,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $21,105. Sydney pays $645 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,400 of the $31,500 of goods to Troy, who receives then the same day and restores them to its inventory. The returned goods had cost Troy $938. 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) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. No Date General Journal 1 May 11 Accounts receivable Sales 2 May 11 Cost of goods sold Merchandise inventory Debit Credit 31,500 31,500 21,105 21,105 3 May 12 Sales returns and allowances 1,400 Accounts receivable 1,400 4 May 12 Merchandise inventory 930 Cost of goods sold 930 5 May 20 Cash Sales discounts Accounts receivable < Required 1 Required 2 > 000 29,197 903- 30,100