Question 7 30 pts MERCHANDISE TRANSACTIONS JOURNALS (both buyer and seller) David and Moira are owners of S.Creek's retail store. They purchase inventory from Sarcastic Stevie Inc. Below describes recent transactions between the two businesses. RECORD THE JOURNAL ENTRIES FOR BOTH PARTIES. (use proper forrn, including memos) . On November 15th S. Creek buys 500 shirts to sell in their store for $10 each from Sarcastic Stevie. The shirts cost Sarcastic Stevie $4 each. The terms of the sale are 2/10, N45 and FOB Shipping point. Both companies use the perpetual inventory system On November 17th, S.Creek notifies Sarcastic Stevie that 25 of the shirts were damaged and will be returned. Stevie accepts the return. Stevie cannot sell the shirts to another customer S. Creek pays Sarcastic Stevie the amount owed on November 22nd. On November 28th the party responsible for shipping pays the $145 freight bill directly to UPS. ** REQUIRED Buyer Journal entries 12 POINTS Prepare all necessary journal entries for S. Creek's Retail Inc (the customer/buyer). Use proper form (that means memos) REQUIRED " Seller Journal entries 18 POINTS Prepare all necessary journal entries for Sarcastic Stevie, Inc (the seller). Use proper form (and a separate sheet of paper). Please use 1 sheet for the buyer and 1 sheet for the seller and clearly label which is which You do not have to prepare T accounts, but can if it helps you