Required Information [The following information applies to the questions displayed below.] Sydney Retalling (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $49,880 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/18, n/98, FOB shipping point. The goods cost Troy $35,808. Sydney pays $340 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,400 of the $49,880 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,000. May 20 Sydney pays Troy for the amount owed. Troy receives the cash inmediately. (Both Sydney and Troy use a perpetual inventory system and the net method.) 1. Prepare journal entries that Sydney Retalling (buyer) records for these three transactions

Required Information [The following information applies to the questions displayed below.] Sydney Retalling (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $49,880 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/18, n/98, FOB shipping point. The goods cost Troy $35,808. Sydney pays $340 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,400 of the $49,880 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,000. May 20 Sydney pays Troy for the amount owed. Troy receives the cash inmediately. (Both Sydney and Troy use a perpetual inventory system and the net method.) 1. Prepare journal entries that Sydney Retalling (buyer) records for these three transactions

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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