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Question - Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
May 11 Sydney accepts delivery of $22,500 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $15,075. Sydney pays $500 cash to Express Shipping for delivery charges on the merchandise.
May 12 Sydney returns $1,300 of the $22,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871.
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.)
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.
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