Exercise $5-9($Statlc$)$ Recording sales, purchases, and cash discounts$-$buyer and seller LO P$1,$ P$2$

Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of $\frac{3}{10},\frac{n}{60}$ and an invoice price of $$24,000.$ The

merchandise had cost Mesa $$16,000.$ 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 buyer records for the $($a$)$ purchase, $($b$)$ cash payment within the discount period, and $($c$)$ cash payment after the

discount period.

Journal entry worksheet

Note: Enter debits before credits.