On may 11 sydney co accepts delivery of 25000 of, Ask an Expert

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On May 11, Sydney Co. accepts delivery of $25,000 of merchandise it purchases for resale from Troy Corporation. With the merchandise is n invoice dated May 11, with terms of 3/10, n/90, FOB shipping point. The goods cost Troy $17,085. When the goods are delivered, Sydney pays $390 to Express Shipping for delivery charges on the merchandise. On May 12, Sydney returns $1560 of goods to Troy, who recieves them one day later and restores them to inventory. The returned goods had cost Troy $1,045. On May 20, Sydney mails a check to Troy Corporation for the amount owed. Troy receievs it the following day. (Both Sydney and Troy use a perpetual inventory system.)

1. Prepare journal entries that Sydney Co. records for these transactions.

2. Prepare journal entries that Troy Corporation records for these transactions.

-Record the merchandise sold on account.

-Record the cost of goods sold.

-Record the sales return.

-Cost of sales return

-the cash collected for credit sale

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9957273

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