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Problem
On May 11, Sydney Co. accepts delivery of $31,000 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 $20,770. When the goods are delivered, Sydney pays $500 to Express Shipping for delivery charges on the merchandise. On May 12, Sydney returns $2,000 of goods to Troy, who receives them one day later and restores them to inventory. The returned goods had cost Troy $1,340. On May 20, Sydney mails a check to Troy Corporation for the amount owed. Troy receives it the following day. (Both Sydney and Troy use a perpetual inventory system.)
Prepare journal entries that Troy Corporation records for these transactions.
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Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.
Carlos Company purchases $30,000 of equipment on January 1, 2011. The equipment is expected to last five years and be worth $5,000 at the end of that time.
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