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

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Required Information The Following Information Applies To The Questions Displayed Below Sydney Retailing Buyer An 1 (57.58 KiB) Viewed 10 times

! 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 $49,000 of merchandise it purchases for resale from Troy: invoice dat May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $35,000. Sydney pays $340 cash Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,400 of the $49,000 of goods to Troy, who receives them the same day and restor them to its inventory. The returned goods had cost Troy $1,000. 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.) 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list Journal entry worksheet < 1 2 3 4 5 Record the merchandise sold on account. Note: Enter debits before credits. Date May 11 Record entry General Journal Clear entry Debit Credit View general journal