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BUYER/SELLER JOURNAL ENTRIES Using the information below create a buyer/seller journal entry Imagination Station sells merchandise on account to Playground Inc. for $3,000 (cost $2,500)

BUYER/SELLER JOURNAL ENTRIES Using the information below create a buyer/seller journal entry Imagination Station sells merchandise on account to Playground Inc. for $3,000 (cost $2,500) Imagination Station (Seller) (General journal entries) (Shipping Point) Date Accounts Debit Credit Playground Inc. (Buyer) (Destination) Date Accounts Debit Credit Playground Inc. returns $200 worth of the merchandize to Imagination Station as it is the wrong size Imagination Station (Seller) Playground Inc. (Buyer) Imagination Station pays freight charges of $80 Imagination Station (Seller) Playground Inc. (Buyer) Imagination Station issued a credit memo to Playground Inc. for $600 worth of merchandise to be returned. Imagination Station (Seller) Playground Inc. (Buyer) Playground Inc. pays freight charges on above merchandise for $300 Imagination Station (Seller) Playground Inc. (Buyer) Playground Inc. pays invoice in time and receives a 4% discount. Imagination Station (Seller) Playground Inc. (Buyer)

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