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Prepare journal entries that sydney records transactions

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Question - Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

May 11 Sydney accepts delivery of $32,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $21,440. Sydney pays $410 cash to Express Shipping for delivery charges on the merchandise.

May 12 Sydney returns $1,600 of the $32,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,072.

May 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately.

Assume that both buyer and seller use a periodic inventory system and the gross method.

Required -

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.

Reference no: EM133168968

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