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Sydney Retailing ( buyer ) May 1 1 Sydney accepts May 1 1 , terms Express Shippin May 1 2 Sydney returns them to its
Sydney Retailing buyer May Sydney accepts May terms Express Shippin May Sydney returns them to its in May theta Sydney pays Tro Both Sydney and TroyRequired information The following information applies to the questions displayed below. Sydney Retailing buyer and Troy Wholesalers seller enter into the following transactions. May Sydney accepts delivery of $ of merchandise it purchases for resale May terms n FOB shipping point. The goods cost Troy $ Express Shipping for delivery charges on the merchandise. May Sydney returns $ of the $ of goods to Troy, who receives them th them to its inventory. The returned goods had cost Troy $ May Sydney pays Troy for the amount owed. Troy receives the cash immediately. Both Sydney and Troy use a perpetual inventory system and the net method. Prepare journal entries that Troy Wholesalers seller records for these three transactions.
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