Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $20,500 of merchandise it purchases for resale from Troy invoice dated May 11, terms 3 10, n 90, FOB shipping point The goods cost Troy $13,735 Sydney pays $585 cash to Express Shipping for delivery charges on the merchandise 12 Sydney returns $1,200 of the $20,500 of goods to Troy, who receives them the same day and restores them to its inventory The returned goods had cost Troy $804 20 Sydney pays Troy for the amount owed Troy receives the cash immediately Cant find the last two cash and merchandise inventory and how do you find the calulations No 1 2 3 4 Date May 11 May 11 May 12 May 20 Merchandise inventory Accounts payable Merchandise inventory Cash Accounts payable Merchandise inventory Accounts payable Cash Merchandise inventory General Journal Debit 20,500 585 1,200 19,300 Credit 20,500 585 1,200

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 30, 2024

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $20,500 of merchandise it purchases for resale

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

May	11	Sydney accepts delivery of $20,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $13,735. Sydney pays $585 cash to Express Shipping for delivery charges on the merchandise.
	12	Sydney returns $1,200 of the $20,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804.
	20	Sydney pays Troy for the amount owed. Troy receives the cash immediately.Cant find the last two cash and merchandise inventory and how do you find the calulations

No 1 2 3 4 Date May 11 May 11 May 12 May 20 Merchandise inventory Accounts payable Merchandise inventory Cash Accounts payable Merchandise inventory Accounts payable Cash Merchandise inventory General Journal Debit 20,500 585 1,200 19,300 Credit 20,500 585 1,200