Business, 16.10.2020 14:01 amortalstardev

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated. May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $410 cash to Express Shipping for delivery charges on the merchandise.
12 Sydney returns $1,400 of the $25,000 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.

Required:
a. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.
b. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 12:00

Agovernment receives a gift of cash and investments with a fair value of $200,000. the donor specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. the $200,000 gift should be accounted for in which of the following funds? a) general fund b) private-purpose trust fund c) agency fund d) permanent fund

Answers: 1

Answer

Business, 22.06.2019 21:50

Labor unions have used which of the following to win passage of favorable laws such as shorter work weeks and the minimum wage? a. strikes b. collective bargaining c. lobbying d. lockouts

Answers: 1

Answer

Business, 22.06.2019 23:30

Which statement best describes the two reactions? abcl, + h2 → 2hci2h + h = he + inreaction a involves a greater change, and reaction b involves a change in element identity.reaction b involves a greater change and a change in element identityreaction a involves a greater change and a change in element identity.reaction b involves a greater change, and reaction a involves a change in element identity.

Answers: 1

Answer

Business, 23.06.2019 00:30

An emerging methodology to integrate the effort of the development team and the operations team to improve the functionality and security of applications is known as

Answers: 1

Answer

You know the right answer?

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 1...

Questions