View transaction listJournal entry worksheet12DateMay 113Record the merchandise sold on account.Note: Enter debits before credits.Record entry4 5General JournalClear entryDebitCreditView general journal> Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.May 11 Sydney accepts delivery of $23,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms3/10, n/90, FOB shipping point. The goods cost Troy $15,745. Sydney pays $335 cash to Express Shipping fordelivery charges on the merchandise.12Sydney returns $1,200 of the $23,500 of goods to Troy, who receives them the same day and restores them to itsinventory. The returned goods had cost Troy $804.20 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.

Accounting journal entries are used to document financial transactions in the accounting system, and…

Answered: Sydney Retailing (buyer) and Troy…

Business

Accounting

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

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 4E: Journalize the following transactions in general journal form. a. Bought merchandise on account from...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

View transaction list
Journal entry worksheet
1
2
Date
May 11
3
Record the merchandise sold on account.
Note: Enter debits before credits.
Record entry
4 5
General Journal
Clear entry
Debit
Credit
View general journal
>

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
May 11 Sydney accepts delivery of $23,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms
3/10, n/90, FOB shipping point. The goods cost Troy $15,745. Sydney pays $335 cash to Express Shipping for
delivery charges on the merchandise.
12
Sydney returns $1,200 of the $23,500 of goods to Troy, who receives them the same day and restores them to its
inventory. The returned goods had cost Troy $804.
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.

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