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Required information [The following information applies to the questions displayed below.) Sydney Retailing (buyer) and...

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Accounting

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Required information [The following information applies to the questions displayed below.) Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy! Invoice dated May ii) terms 5/10, 1/90; FOB shipping point. The goods coat Troy $30,000. Sydney pays $390 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,900 of the $40,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,425. May 20 Sydney paye Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the net method.) 2. Prepare journal entries that Troy Wholesalers records for these transactions View transaction list Journal entry worksheet 2 3 4 5 Record the merchandise sold on account. Note: Enter debits before credits Date General Journal Debit Credit May 11

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