UT Exercise 5-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 ts eBook Print Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $21,500 of merchandise it purchases for resale from Troy: Invoice dated May 11; term 3/10, 1/90: FOB shipping point. The goods cost Troy $14,405. Sydney pays $510 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,500 of the $21,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,005. 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 Retaling (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions eferences 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 Journal entry worksheet N Sydney pays $510 cash to Express Shipping for delivery charges on the merchandise. nces Note: Enter debits before credits Date General Journal Debit Credit May 11 Record entry Clear entry View general journal Journal entry worksheet 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 Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits Date General Journal Debit Credit May 11 repare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet