Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $23,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $15,418. Sydney pays $435 cash to Express Shipping for delivery charges on the merchandise. May 12 May 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. Sydney returns $1,200 of the $23,000 of goods to Troy, who receives them the same day and restores then to its inventory. The returned goods had cost Troy $804. (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.

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $23,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $15,418. Sydney pays $435 cash to Express Shipping for delivery charges on the merchandise. May 12 May 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. Sydney returns $1,200 of the $23,000 of goods to Troy, who receives them the same day and restores then to its inventory. The returned goods had cost Troy $804. (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.

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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