**Sydney Retailing (buyer) and Troy Wholesalers (seller) Transactions**Sydney Retailing and Troy Wholesalers engage in the following transactions:1. **May 11 Transaction** - **Buyer:** Sydney accepts delivery of merchandise worth $31,500 for resale from Troy. The invoice, dated May 11, has terms 3/10, n/90, and is FOB shipping point. The goods cost Troy $21,105. Sydney pays $415 cash to Express Shipping for delivery charges.2. **Return Transaction** - Sydney returns $4,100 worth of the merchandise to Troy, which is added back to inventory. The cost for these returned goods to Troy was $938.3. **May 29 Payment** - Sydney pays Troy for the net amount owed. Troy receives this payment in cash immediately.(Both parties use a perpetual inventory system and the gross method.)**Instructions:**1. Prepare journal entries for Sydney Retailing (buyer) for these transactions.2. Prepare journal entries for Troy Wholesalers (seller) for these transactions.**Journal Entry Worksheet (Sydney Retailing - Buyer):**A journal entry form is provided where each transaction can be recorded. It includes fields for the date, general journal account titles, debit amounts, and credit amounts.- Enter debits before credits in the worksheet.- Use the fields to record transactions as per the instructions for each date of transaction.The worksheet is designed for educational purposes to help users understand the process of recording journal entries in accounting.

The financial transactions are initially recorded in the form of journal entry.

Answered: Sydney Retailing (buyer) and Troy…

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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May 11 Sydney accepts delivery of $27,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $18,425. Sydney pays $470 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,100 of the $27,500 of goods to Troy, who receives them the same day and restores them to its inventory.. The returned goods had cost Troy $737. May 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list View journal…
May 11 Sydney accepts delivery of $34,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $22,780. Sydney pays $350 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,400 of the $34,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938. 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.
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Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $2,800 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $140 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $3,024 with terms n/30. The cost of the merchandise is $1,512. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $205 and cost $103; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.

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