Help Save & Exit Subm Check my work Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 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 3/1o, n/90: FoB shipping point. The goods cost Troy $14,740. Sydney pays $580 cash to Express Shipping for delivery charges on the merchandise ook 2 Sydney returns $1,200 of the $22,000 of goods to froy, who receives tnen the ane day and non-edaong inventory. The returned goods had cost Troy $804. nt 20 Sydney pays Troy tor the amount owed. Troy receives the cash immediately sk (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