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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 $25, 000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10e, n/9 FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 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 journal entries that Sydney Retailing (buyer) records for these three transactions. 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. X Answer is not complete. 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. No Date General Journal Debit Credit May 11 Merchandise inventory 2,500 X Sales 2,500 X 2 May 11 Cash 675 63

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 $25, 000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10e, n/9 FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 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 journal entries that Sydney Retailing (buyer) records for these three transactions. 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. X Answer is not complete. 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. No Date General Journal Debit Credit May 11 Merchandise inventory 2,500 X Sales 2,500 X 2 May 11 Cash 675 63

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...
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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 $25, 000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/1e, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 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 journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. X Answer is not complete. 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. No Date General Journal Debit Credit May 11 Merchandise inventory 2,500 X Sales 2,500 X 21 May 11 Cash 675 O Depreciation expense 675 Prev 1 of 5 Next >
Transcribed Image Text: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 $25, 000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/1e, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 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 journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. X Answer is not complete. 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. No Date General Journal Debit Credit May 11 Merchandise inventory 2,500 X Sales 2,500 X 21 May 11 Cash 675 O Depreciation expense 675 Prev 1 of 5 Next >
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. No Date General Journal Debit Credit May 11 Merchandise inventory 2,500 X Sales 2,500 X 2. May 11 Cash 675 Depreciation expense 675 3 May 12 Sales returns and allowances 1,100 Accounts receivable 1,100 May 20 Cash 23,900 23,900 X Accounts receivable KRequired 1 Required 2 > Prey 1 of 5
Transcribed Image Text: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. No Date General Journal Debit Credit May 11 Merchandise inventory 2,500 X Sales 2,500 X 2. May 11 Cash 675 Depreciation expense 675 3 May 12 Sales returns and allowances 1,100 Accounts receivable 1,100 May 20 Cash 23,900 23,900 X Accounts receivable KRequired 1 Required 2 > Prey 1 of 5
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