Exercise 4-9 Algo recording sales, purchases, and cash discounts-buyer

Exercise 4-9 (Algo) 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 3/10, n/60 and an invoice price of $24,900. The merchandise had cost Mesa $16,982 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 afterthe discount period. 2. Prepare entries that the selier records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection afte the discount period. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Record 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 $24,900. Note: Enter debits before credits. Journal entry worksheet Record Santa Fe paid within the discount period. Note: Enter debits before credits. Journal entry worksheet Record Santa Fe paid after the discount period. Note: Enter debits before credits. Journal entry worksheet Record 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 $24,900. Note: Enter debits before credits. Journal entry worksheet