Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated. May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $410 cash to Express Shipping for delivery charges on the merchandise.
12 Sydney returns $1,400 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938.
20 Sydney pays Troy for the amount owed. Troy receives the cash immediately.

Required:
a. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.
b. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

Question

15-10-2020
Business

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Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated. May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $410 cash to Express Shipping for delivery charges on the merchandise.
12 Sydney returns $1,400 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938.
20 Sydney pays Troy for the amount owed. Troy receives the cash immediately.

Required:
a. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.
b. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2020-10-16T04:01:08+02:00

Answer:

Buyer

May 11 Dr Merchandise inventory 25,000

Cr Account payable 25,000

Dr Merchandise inventory 410

Cr Cash 410

May 12 Dr Account payable 1400

Cr Merchandise inventory 1400

May 20 Dr Account payable 23,600

Cash 22,892

Dr Merchandise inventory 708

(Seller)

May 11 Dr Account receivable 25,000

Cr Sales revenue 25,000

Dr Cost of goods sold 16,750

Cr Merchandise inventory 16,750

May 12 Dr Sales return and allowance 1400

Cr Account receivable 1400

Dr Merchandise inventory 938

Cr Cost of goods sold 938

May 20 Dr Cash 22,892

Dr Sales discount 708

Cr Account receivable 23,600

Explanation:

Preparation of the Journal entry for Buyer