6 Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10,n/60 and an invoice price of $19,900. The merchandise had cost Mesa $13,572. 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. 10 points Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Print 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. References View transaction list Journal entry worksheet Record Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $19,900 Note: Enter debits before credits Dobit Transaction General Journal Credit a View general journal Clear entry Record entry Chapter 4: Accounting for Merchandising Operations Saved 9 Cash Short-term investments Current receivables Inventory Prepaid expenses Total current assets Current liabilities Camaro GTO Torino $1,800 $ 120 $1,000 0 400 150 400 400 1,900 1,800 2,500 200 500 900 $4,650 $2,820 $5,200 $2,000 $1,210 $3,000 10 points Compute the current ratio and acid-test ratio for each of the following separate cases. eBook Current Ratio Choose Denominator: Choose Numerator: Print = Current Ratio Current ratio to 1 Camaro 1 to 1 References GTO Torino to 1 Acid-Test Ratio Choose Denominator: Choose Numerator: Acid-Test Ratio Acid-test ratio to 1 Camaro / 1 to 1 GTO Torino to 1