Exercise $4-9($Algo$)$ Recording sales, purchases, and cash discounts$-$buyer and seller LO P$1,$ P$2$

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 $$23,900.$ The merchandise had cost Mesa $$16,300.$ Assume that both buyer and seller use a perpetual inventory

system and the gross method.

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.

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.

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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.