Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts deliv

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Sydney Retailing Buyer And Troy Wholesalers Seller Enter Into The Following Transactions May 11 Sydney Accepts Deliv 1 (37.71 KiB) Viewed 58 times

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $25,500 of merchandise it purchases for resale fron Troy: invoice dated May 11, terns 3/10, n/90, FOB shipping point. The goods cost Troy $17,885. Sydney pays $498 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns 51,180 of the $25, see of goods to Troy, who receives them the same day and restores then to its inventory. The returned goods had cost Troy $737. May 20 Sydney pays Troy for the amount owed. Troy receives 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 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. View transaction list