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Question - How to prepare journal entries for the seller

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Question - How to prepare journal entries for the seller?

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

May 11 Sydney accepts delivery of $38,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $25,795. Sydney pays $500 cash to Express Shipping for delivery charges on the merchandise.

May 12 Sydney returns $1,200 of the $38,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804.

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

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: EM132671799

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