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Sydney Retarling (ouyen) and Troy Wholesalers (sellen) enter into the following transactions. Hay 11 sydtey aecepts detivery of $31,500 of aerchandise 1t purchases for resate
Sydney Retarling (ouyen) and Troy Wholesalers (sellen) enter into the following transactions. Hay 11 sydtey aecepts detivery of $31,500 of aerchandise 1t purchases for resate from Troys 1nvosce dated Hay 11, terns 3/10, N/90, Fob shipping point. The gopds cost. Troy \$21.105. Sydney pays \$35s cash to Express shipplng for delivery charges on the serchandise. May 12 Sydney returns $1, 4ae of the $31,500 of goods to Troy, who recelves thee the sase day and restores thea to 1t5 inventory. The returned goods had cost froy $938. May 20 sydney pays Froy for the anount oued. Troy receives the cash innediately. (Both Sydney and Troy use a perpetual inventory system and the gross method). 1. Prepare journat entries that Sydnoy Retailing fouyod records for these threa transactions. 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions
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