Check my work mode ! THIS SHOWS WHAT IS CUNLLIU Exercise 4-6 Recording sales, purchases, and cash discounts--buyer and seller LO P1, P2 Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 270. n/60 and an invoice price of $28.900. The merchandise had cost Mesa $19,710. 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 afte 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 Answer is not complete. Complete this question by entering your ans vers in the tabs below. 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. Credit No Transaction General Journal Debit 28.900 1 Merchandise inventory Accounts payable 28,900 Check my work mode : This shows what is correct or incorrect for the work you have completed Complete this question by entering your answers in the tabs below. 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. Debit Credit No Transaction General Journal 28.900 1 a Merchandise inventory Accounts payable 28 900 28,900 2 b 19,710 Accounts payable Cash Merchandise inventory 9,190 28,900 3 Accounts payable Cash 28.900 Required 1 Required 2 > Lieck My WorR mode! This shows what is correct or incorrect for the work you have complete Complete this question by entering your answers in the tabs below. Required 1 Required 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. Debit Credit No General Journal Transaction 28,900 1 a-1 Accounts receivable 28,900 Sales 19,710 2 a-2 Cost of goods sold Merchandise inventory 19,710 3 b Cash 28,900 Sales discounts Accounts receivable