2 Exercise 5-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 20 points 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 $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a perpetual inventory system and the gross method. eBook Ask 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. Required 1 Required 2 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. View transaction list Journal entry worksheet 2 3 Record Santa Fe Retailing's purchase of merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a Journal entry worksheet Record payment by Santa Fe within the discount period. Note: Enter debits before credits. General Journal Debit Credit Transaction b Journal entry worksheet "Record Mesa Wholesaler's sale of merchandise "as is" (with no returns) to Santa Fe Retailing with credit terms of 3/10, n/60 and an invoice price of $24,000. Note: Enter debits before credits. General Journal Debit Credit Transaction a-1 Journal entry worksheet