Reference no: EM133188871
Question - Recording sales, purchases, shipping, and returns-buyer and seller - Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
May 11 Sydney accepts delivery of $27, 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 $18,090. Sydney pays $420 cash to Express Shipping for delivery charges on the merchandise.
May 12 Sydney returns $1, 300 of the $27, 000 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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