Exercise 4-7 Recording sales, purchases, shipping, and returns—buyer and seller LO P1, P2
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
| May | 11 | Sydney accepts delivery of $23,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $15,410. Sydney pays $655 cash to Express Shipping for delivery charges on the merchandise. | ||
| 12 | Sydney returns $1,200 of the $23,000 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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Exercise 4-7 Recording sales, purchases, shipping, and returns—buyer and seller LO P1, P2
5 Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing...
5 Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. ts May 11 Sydney accepts delivery of $26,880 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $17,420. Sydney pays $520 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,300 of the $26,eee of goods to...
07 Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing...
07 Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. ints May 11 Sydney accepts delivery of $26,880 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $17,428. Sydney pays $528 cash to Express Shipping for delivery charges on the merchandise 12 Sydney returns $1,300 of the $26,000 of goods to...
Check Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (b...
Check Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $31,500 of merchandise it purchases for resale from Troy! Invoice dated May 11, terms 3/10, n/90, POB shipping point. The goods cost Troy $21,105. Sydney pays $500 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $31,500 of goods to Troy,...
Exercise 4-18A Recording sales, purchases, shipping, and returns: buyer and seller-periodic LO P5 Sydney Retailing (buyer)...
Exercise 4-18A Recording sales, purchases, shipping, and returns: buyer and seller-periodic LO P5 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 $470 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,900 of the $32,000 of goods to Troy,...
Exercise 4-23A (Algo) Periodic-Recording sales, purchases, shipping, and returns: buyer and seller .O P5 Sydney Retailing...
Exercise 4-23A (Algo) Periodic-Recording sales, purchases, shipping, and returns: buyer and seller .O P5 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. lay 11 Sydney accepts delivery of $22,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $14,740. Sydney pays $660 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $2,600 of the $22,000 of goods to Troy,...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $35,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $23,450. Sydney pays $525 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,200 of the $35,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter
into the following transactions.
May
11
Sydney accepts delivery of $26,000 of merchandise it purchases
for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB
shipping point. The goods cost Troy $17,420. Sydney pays $520 cash
to Express Shipping for delivery charges on the merchandise.
12
Sydney returns $1,300 of the $26,000 of goods to Troy, who
receives them the same day and restores them to its inventory. The...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 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 $550 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $2,200 of the $39,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. 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 $615 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,500 of the $34,000 of goods to Troy, who receives them the same day and restores them to its inventory. The...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $29,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $19,765. Sydney pays $680 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,400 of the $29,500 of goods to Troy, who receives them the same day and restores them to its inventory. The...
5 Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. ts May 11 Sydney accepts delivery of $26,880 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $17,420. Sydney pays $520 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,300 of the $26,eee of goods to...
07 Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. ints May 11 Sydney accepts delivery of $26,880 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $17,428. Sydney pays $528 cash to Express Shipping for delivery charges on the merchandise 12 Sydney returns $1,300 of the $26,000 of goods to...
Check Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $31,500 of merchandise it purchases for resale from Troy! Invoice dated May 11, terms 3/10, n/90, POB shipping point. The goods cost Troy $21,105. Sydney pays $500 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $31,500 of goods to Troy,...
Exercise 4-23A (Algo) Periodic-Recording sales, purchases, shipping, and returns: buyer and seller .O P5 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. lay 11 Sydney accepts delivery of $22,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $14,740. Sydney pays $660 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $2,600 of the $22,000 of goods to Troy,...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $35,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $23,450. Sydney pays $525 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,200 of the $35,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter
into the following transactions.
May
11
Sydney accepts delivery of $26,000 of merchandise it purchases
for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB
shipping point. The goods cost Troy $17,420. Sydney pays $520 cash
to Express Shipping for delivery charges on the merchandise.
12
Sydney returns $1,300 of the $26,000 of goods to Troy, who
receives them the same day and restores them to its inventory. The...
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