Sydney Retaling (buyer) and Troy Wholesalers (seller) enter Into the following transactions. May 11 Sydney accepts delivery of $31,500 of nerchandise it purchases for resale from Troy: invoice dated...

Extracted text: Sydney Retaling (buyer) and Troy Wholesalers (seller) enter Into the following transactions. May 11 Sydney accepts delivery of $31,500 of nerchandise it purchases for resale from Troy: invoice dated May 11, terms 3/18, n/98, FOB shipping point. The goods cost Troy $21,185. Sydney pays $415 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,400 of the $31,500 of goods to Troy, who receives then the same day and restores them to its inventory. The returned goods had cost Troy $938. 20 Sydney pays Troy for the anount owed. Troy receives the cash imnediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare Joumal entries that Sydney Retalling (buyen records for these three transactions. 2 Prepare jourmal 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. Vlew transaction lat Journal entry worksheet 1 2 3 4 > Sydney accepts delivery of $31,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $21,105. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Record entry Clear entry Vlew general Journal < required="" 1="" required="" 2="">