1st journal

2nd journal

use these terms for the journal

Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, 1/60 and an Invoice price of $20,500. The merchandise had cost Mesa $13,981. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a) sale. (b) cash collection within the discount period, and (c) cash collection after the discount period View transaction list 1 Record Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $20,500. N Record Santa Fe paid within the discount period. 3 Record Santa Fe paid after the discount period. View transaction list 1 Record Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $20,500. 2 Record the merchandise had cost Mesa $13,981. 3 Record cash received within discount period. 4 Record cash received after discount period. General Journal Debit Accounts payable Accounts receivable Accumulated depreciation Additional paid-in capital Bond premium Bonds payable Building Cash Common stock Cost of goods sold Depreciation expense Discount on bonds payable Dividends declared Finance costs Goodwill Interest expense Interest income Interest payable Interest receivable Land Merchandise inventory Miscellaneous expenses Other expenses Sales Sales discounts Sales returns and allowances