the Wont you have completed so far. It does not indicate completion. Return to question Exercise 4-23A (Algo) Periodic-Recording sales, purchases, shipping, and returns: buyer and seller LO P5 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions May 11 Sydney accepts delivery of $32,000 of merchandise it purchases for resale from Troy invoice dated May 11, 3/10, / Foe shipping point. The gods cust Troy $21,440. Sydney pays $600 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $2,600 of the $32,000 of goods to froy, who receives then the same day and restores thee to its inventory The returned goods had cast Troy $1,742. 20 Sydney pays Trey for the amount owed. Trey receives the cash immediately Assume that both buyer and seller use a periodic 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 Answer is complete but not entirely correct. 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 Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. No Date General Journal 1 May 11 Merchandise inventory Accounts payable 2 May 11 Merchandise inventory Cash 00 00 Debit Credit 32,000 660 3 May 12 Accounts payable 4 May 20 Merchandise inventory Accounts payable Merchandise ventory Cash * 000 2,600 29,400 Required 1 Required 2 > 32,000 660 2.600 882 28,518 Required t Required 21 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. No Date General Journal 1 May 11 Accounts receivable Sales 2 May 12 Cost of goods sold Merchandise inventory Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 3 May 201 Cash Sales discounts Accounts receivable 0000 0000 000 Debit Credit 32,000 32.000 21.440 21,440 2,600 2,600 1,742 1,742 28,518 882 29,400