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Business, 27.06.2020 03:01 Jake10383

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $32,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $21,440. Sydney pays $315 cash to Express Shipping for delivery charges on the merchandise.12 Sydney returns $1,100 of the $32,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737.20 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.

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Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11...
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