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, terns 3/10, n/90, FOB shipping point. The goods cost Troy $13, 735. Sydney pays $680 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney retums $1,300 of the $20, 500 of goods to Troy, who receives them the same day and restores them to its inventory. The returne goods had cost Troy $871. 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 2 3 4 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. Note: Enter debits before credits. General Journal Debit Credit Date May 11 The following summarizes Tesla's merchandising activities for the year. $ Cost of merchandise sold to customers Merchandise inventory, begimning year Cost of merchandise purchases, gross amount Shrinkage on merchandise as of year-end Cost of transport at iorrin for merchandise purchases Cost of merchandise returned by customers and restored to inventory Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases 190,000 27, 588 194, 788 770 1, 948 3,000 1, 558 4, 200 Enter the summarized activities in the two T-accounts below. Complete this question by entering your answers in the tabs below. Merchandise Cost of Goods Inventory Sold Enter the summarized activities in the T-account below. Merchandise Inventory