Journal entry worksheet 4 Journal entry worksheet Record the sales return. Note: Enter debits before credits. Journal entry worksheet (1) 23 Record the cost of sales return. Note: Enter debits betore credits, Journal entry worksheet (1) 234 Record the cash collected for credit sales. Note: Enter debits before credics. Required information Exercise 4-28C (Static) Net method: Recording sales, purchases, shipping, and returns-buyer and seller LOP7 [The following information applles to the questions displayed below.] Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 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. Sydney pays $345 cash to Express shipping for delivery charges on the merchandise. May 12 Sydney returns $1,400 of the $40,000 of goods to Troy, who receives then the same day and restores them to its inventory. The returned goods had cost Troy $1,050. May 20 Sydney pays Troy for the anount owed. Troy receives the cash imediately. (Both Sydney and Troy use a perpetual inventory system and the net method) Exercise 4-28C (Static) Part 2 Seller 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Journal entry worksheet 4 Record the merchandise sold on account. Note: Enter debits before credits