Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 4E: Journalize the following transactions in general journal form. a. Bought merchandise on account from...
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Question
![View transaction list
Journal entry worksheet
1
2
Date
May 11
3
Record the merchandise sold on account.
Note: Enter debits before credits.
Record entry
4 5
General Journal
Clear entry
Debit
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcba5c243-d3c4-478f-8b27-e10a19198737%2Ffb804bd1-4bf9-4bdd-ad1c-0565abbb10d3%2F5ujo0e5_processed.png&w=3840&q=75)
Transcribed Image Text:View transaction list
Journal entry worksheet
1
2
Date
May 11
3
Record the merchandise sold on account.
Note: Enter debits before credits.
Record entry
4 5
General Journal
Clear entry
Debit
Credit
View general journal
>
![Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
May 11 Sydney accepts delivery of $23,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms
3/10, n/90, FOB shipping point. The goods cost Troy $15,745. Sydney pays $335 cash to Express Shipping for
delivery charges on the merchandise.
12
Sydney returns $1,200 of the $23,500 of goods to Troy, who receives them the same day and restores them to its
inventory. The returned goods had cost Troy $804.
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcba5c243-d3c4-478f-8b27-e10a19198737%2Ffb804bd1-4bf9-4bdd-ad1c-0565abbb10d3%2Fgwbkfsa_processed.png&w=3840&q=75)
Transcribed Image Text:Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
May 11 Sydney accepts delivery of $23,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms
3/10, n/90, FOB shipping point. The goods cost Troy $15,745. Sydney pays $335 cash to Express Shipping for
delivery charges on the merchandise.
12
Sydney returns $1,200 of the $23,500 of goods to Troy, who receives them the same day and restores them to its
inventory. The returned goods had cost Troy $804.
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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