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Required information [The following information applies to the questions displayed below.] Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $32,000. Sydney pays $370 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,700 of the $40,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,360. 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 net method.) X Answer is not complete. No Date General Journal Debit Credit 1 May 11 40,000 Merchandise inventory Accounts payable 40,000 2 May 11 Merchandise inventory 370 Cash 370 3 May 12 1,700 X Accounts payable Merchandise inventory 1,700 X 4 May 20 40,000 Accounts payable Merchandise inventory Cash 38,800 x
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