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Point 1: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. Both Sydney and Troy use a perpetual inventory system and the gross method. May 11 Sydney accepts delivery of $40,000 of merchandise it purcha e for resale from Troy: invoice dated May 11 , terms 3/ 10, n/90, FOB shipping point. The goods cost Troy $30,000. Sydney pays $345 ca h to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $ 1.400 of the $40,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $ 1,050. 20 Sydney pay Troy for the amount owed. Troy receives the cash immediately.
Question 1. Prepare journal entries that Sydney Retailing (buyer) records for the e three transaction
Question 2. Prepare journal entrie that Troy Wholesalers (seller) records for the e three transactions.
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