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Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 sydney accepts delivery of $28,000 of merehandise it parehases for resale

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Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 sydney accepts delivery of $28,000 of merehandise it parehases for resale fron Troy1 invoice dated May 11 , terms 3/10,n/90, FOB shipping point. The goods cost Troy $18,760. Sydney pays $550 cash to Express shipping for delivery charges on the merchandise. May 12 Sydney returna $1,200 of the $28,000 of goods to Troy, who recelves them the wane day and restores them to its inventory. The returned goods had cost Troy $804. May 20 Sydney pays Troy for the anount owed. Troy receives the eash 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 Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Prepare journal entries that Sydney Retalling (buyer) records for these yiree transactions. Journal entry worksheet Sydney accepts delivery of $28,000 of merchandise it purchases for resale from Troys invoice dated May 11, terms 3/10,n/90, foB shipping point. The goods cost Troy $18,760. Record Sydner's entry for this transaction

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