May 11 Sydney accepts delivery of $27,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $18,425. Sydney pays $470 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,100 of the $27,500 of goods to Troy, who receives them the same day and restores them to its inventory.. The returned goods had cost Troy $737. 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.) 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

May 11 Sydney accepts delivery of $27,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $18,425. Sydney pays $470 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,100 of the $27,500 of goods to Troy, who receives them the same day and restores them to its inventory.. The returned goods had cost Troy $737. 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.) 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10A: The Voucher System Of Accounting

Section: Chapter Questions

Problem 3P

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Sydney accepts delivery of $39,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $26,130. Sydney pays $440 cash to Express Shipping for delivery charges on the merchandise. Sydney returns $1,100 of the $39,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. Sydney pays Troy for the amount owed. Troy receives the cash immediately.
May 11 Sydney accepts delivery of $34,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $22,780. Sydney pays $350 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,400 of the $34,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938. 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.) 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.
Sydney accepts delivery of $34,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $22,780. Sydney pays $515 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,300 of the $34,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. 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.) 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. 1.Record the merchandise sold on account. May 11 2.Record the cost of goods sold. May 11 3.Record the sales return.May 12 May 204. Record the cost of sales return. May 12 5.Record the cash collected for credit…
Sydney accepts delivery of $29,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $19,430. Note: Enter debits before credits. Date General Journal Debit Credit May 11 Sydney pays $655 cash to Express Shipping for delivery charges on the merchandise. Note: Enter debits before credits. Date General Journal Debit Credit May 11
1. Sydney accepts delivery of $39,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $26,130. 2. Sydney pays $440 cash to Express Shipping for delivery charges on the merchandise. 3. Sydney returns $1,100 of the $39,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 4. Sydney pays Troy for the amount owed. Troy receives the cash immediately. I just need to know the general journal, Debt, and Credit
May 11 Sydney accepts delivery of $34,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $22,780. Sydney pays $515 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,300 of the $34,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. 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.) 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. 1.Record the merchandise sold on account. 2.Record the cost of goods sold. 3.Record the sales return. 4.Record the cost of sales return. 5.Record the cash collected for credit sales. l
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Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.   May 11 Sydney accepts delivery of $29,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $19,430. Sydney pays $655 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,300 of the $29,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. 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.) 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. Record the merchandise sold on account. Record the cost of goods sold. Record the sales return. Record…
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.   May 11 Sydney accepts delivery of $29,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $19,430. Sydney pays $655 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,300 of the $29,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. 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.) 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. Sydney pays Troy for the amount owed. Troy receives the cash immediately.
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.   May 11 Sydney accepts delivery of $29,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $19,430. Sydney pays $655 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,300 of the $29,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. 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.) 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. Sydney accepts delivery of $29,000 of merchandise it purchases for resale from Troy: invoice dated…