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Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $22,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $14,740. Sydney pays $525 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,400 of the $22,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost.Troy $938. 4 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 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. No 1 2 Date May 11 May 11 Merchandise inventory Accounts payable Merchandise inventory General Journal X Debit 22,000 525 Credit 22,000

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Prepare journal entries that Sydney Retalling (buyer) records for these three transactions. Sydney Retalling (ouyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney occepts dellvery of \\( \\$ 22,000 \\) of merchandise it purchoses for resole from Troyi involce dated May 11, terns \\( 3 / 10, \\mathrm{n} / 90,10 \\mathrm{~s} \\) shipping point. The goods cost Troy \\( \\$ 14,740 \\). Sydney pays \\( \\$ 525 \\) cash to Express shipping for delivery charges on the merchandise. Moy 12 Sydney returns \\( \\$ 1,400 \\) of the \\( \\$ 22,030 \\) of goods to Troy, who receives then the some doy and restores then to Its inventory. The returned goods had cost itroy 5938 . May 20 Sydney pays Troy foe the asount owed. Troy recelves the cosh inediately. (Both Sydney and Troy use a perpefual inventory system and the gross method) 1. Prepare joumal entries that Sydney Retaling (buyer) records for these three transactions. 2. Prepare joumal entries that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions

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