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Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 -5ydney...

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Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 -5ydney accepts delivery of $38,500 of merchandise it purchases for resale fron Troy: Involce dated May 11 , terms 3/10, n/90, Fos shipping point. The goods cost Troy $25,795. Sydney pays $575 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,100 of the $36,560 of goods to Troy, who receives then the sane day and restores them to its inventory. The returned goods had cost Troy $737. "May 20 sydney pays Troy for the anount owed. Troy recelves the cash inmediately. (Both Sydney and Troy use a perpetual inventory system and the gross method) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. (*) Answer is not complete. Complete this question by entering your answers in the tabs below

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