Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $32,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $21,775. Sydney pays $350 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,500 of the $32,500 of goods to Troy, who receives them the same day and restores them to its 20 Sydney pays Troy for the amount owed. Troy receives the cash inmediately. (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. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list Journal entry worksheet Sydney accepts delivery of $32,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $21,775. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Record entry Clear entry View general Journal Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list Journal entry worksheet 1 2 3 4 Sydney accepts delivery of $32,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $21,775. Note: Enter debits before credits, Date General Journal Debit Credit May 11 Record entry Clear entry View general journal Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list Journal entry worksheet SH Sydney pays $350 cash to Express Shipping for delivery charges on the merchandise. Note: Enter debits before credits General Journal Debit Date Credit May 11 Record entry Clear entry View general journal Required 1 Required 2 > Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list Journal entry worksheet 3 4 Sydney returns $1,500 of the $32,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,005. Note: Enter debits before credits. Date General Journal Debit Credit May 12 Record entry Clear entry View general journal Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. View transaction list Journal entry worksheet Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet
