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. 2. Sydney pays $440 cash to Express Shipping for delivery charges on the merchandise. 3. Sydney returns $1,100 of the $39,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 4. Sydney pays Troy for the amount owed. Troy receives the cash immediately. I just need to know the general journal, Debt, and Credit

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. 2. Sydney pays $440 cash to Express Shipping for delivery charges on the merchandise. 3. Sydney returns $1,100 of the $39,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 4. Sydney pays Troy for the amount owed. Troy receives the cash immediately. I just need to know the general journal, Debt, and Credit

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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