Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 sydney accepts delivery of $25,500 of merchandise it purchases for resale from Troy: invoice dated May 11, torm 3/20. n/907 POB shipping point. The goods coot Troy $17,095. Sydney pays $700 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney return $1,300 of the $25,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cont Troy $871. 20 Sydney pay. 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 Retalling (buyer) records for these three transactions. 2. Prepare journal entries that froy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions Debit Credit No Date General Journal 25,500 May 11 Merchandise inventory Accounts payable 25,500 700 2 May 11 Merchandise inventory Cash 700 1,300 3 May 12 Accounts payable Merchandise inventory 1,300 24,200 4 May 20 Accounts payable Cash Merchandise inventory Required Required 2 > No Date General Journal Debit Credit 1 May 11 25,500 Accounts receivable Sales 25,500 2 May 11 17,085 Cost of goods sold Merchandise inventory 17,085 3 May 12 1,300 Sales returns and allowances Accounts receivable 1,300 4 May 12 871 Merchandise inventory Cost of goods sold 871