Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $28,500 of merchandise it purchases for resale from Troy: Invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy 519,095. Sydney pays $445 cash to Express Shipping for delivery charges on the merchandise 12 Sydney returns $1,200 of the $28,508 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $884 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 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. View transaction list Journal entry worksheet 1 2 > Sydney accepts delivery of $28,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, V90, FOB shipping point. The goods cost Troy 519,095 Note Enter debits before credits Journal entry worksheet Sydney accepts delivery of $28,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $19,095. Note: Enter debits before credits General Journal Debit Credit Date May 11 Record entry Clear entry View general journal Required 2 > Prey 1 of 4 FBB Next Journal entry worksheet ( Sydney pays $445 cash to Express Shipping for delivery charges on the merchandise. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Record entry Clear entry View general journal Required 2 > Sydney returns $1,200 of the $28,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. Note: Enter debits before credits. Date General Journal Debit Credit May 12 Record entry Clear entry View general journal Required 2 > Journal entry worksheet Sydney pays Troy for the amount owed. Troy receives the cash immediately. Note: Enter debits before credits. General Journal Date May 20 Debit Credit Record entry Clear entry View general journal Required 2 > Prey 1 of 4 1 2. 3 4 5 > Record the merchandise sold on account. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Record entry Clear entry View general journal Record the cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Date May 11 Record entry Clear entry View general journal Record the sales return. Note: Enter debits before credits General Journal Debit Credit Date May 12 Record entry Clear entry View general journal Record the cash collected for credit sales. Note: Enter debits before credits. Date General Journal Debit Credit May 20 Record entry Clear entry View general journal