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Required 2.

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. Nay 11 Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 13 , terms 3/10, n/90. FOB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,400 of thy $40,000 of goods to Troy, who receives them the same day and restores then to its inventory. The returned gooss had cost. Troy $1,050. 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 joumal 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. Journal entry worksheet 2345 Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11 , terms 3/10,n/90, FOB shipping point. The goods cost Troy $30,000. Record Troy's entry for this transaction. Note: Enter debits before credits. Journal entry worksheet 5 The goods cost Troy $30,000. Record Troy's entry for this transaction. Note: Enter debits before credits. Journal entry worksheet