On May 11, York Co. accepts delivery of $38,000 of merchandise it purchases for resale from Troy Corporation. With the merchandise is an invoice dated May 11, with terms of 3_10, n_90, FOB shipping point. The goods cost Troy $25,460. When the goods are delivered, York pays $520 to Express Shipping for delivery charges on the merchandise. On May 12, York returns $2,000 of goods to Troy, who receives them one day later and restores them to inventory. The returned goods had cost Troy $1,393. On May 20
York mails a check to Troy Corporation for the amount owed. Troy receives it the following day. (Both York and Troy use a perpetual inventory system.)
1. Prepare journal entries that York Co. records for these transactions.
2. Prepare journal entries that Troy Corporation records for these transactions.
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