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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 11; terms May 12 Sydney returns $1,400 of the $40,000 of goods to Troy, who receives them the same day and restores them to its May 20 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.) 3/10, n/90; FOB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise. inventory. The returned goods had cost Troy $1,950 2. Prepare journal entries that Troy Wholesalers records for these transactions

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