ed Exercise 4-23A (Static) Periodic-Recording sales, purchases, and discounts: buyer and seller LO P5 Santa Fe Retailing purchased merchandise 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 periodic inventory system and the gross method. 1. Prepare entries that the buyer records for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for (a) the sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries that the buyer records for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. No Transaction 1 a. 2 b. 3 C. General Journal Merchandise inventory Accounts payable Accounts payable Merchandise inventory Cash Accounts payable Cash Debit 24,000 Credit 24,000 24,000 720 23,280 24,000 24,000