On May 11, York Co. accepts delivery of $38,000 ofmerchandise it purchases for resale from Troy Corporation. With themerchandise is an invoice dated May 11, with terms of 3/10, n/90, FOBshipping point. The goods cost Troy $25,460. When the goods aredelivered, York pays $520 to Express Shipping for delivery charges on the merchandise. On May 12, York returns $2,000 of goods to Troy, whoreceives them one day later and restores them to inventory. The returnedgoods had cost Troy $1,393. On May 20, York mails a check to TroyCorporation 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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