Exercise 5-6 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 n60 and an nvoice price of $24,500. The merchandise had cost Mesa $16.709 Assume that both buyer and seller use a perpetual inventory system and the gross method 1 Prepare entries that the buyer records for the (al purchase, (b) cash payment within the discount period,and (c) cash payment after the discount period 122) 2 Prepare entries that the seller records for the (a) sale. (b) cash collection within the discount peniod, and (c) cash collection ather the discount period Complete this question by entering your answers in the tabs below equired 1 Required 2 Prepare entries that the buyer recoeds for the (a) purchase, (b) cash payment within the discount period, and (e) cast payment after the discount period 1 Record Santa Fe Retalting purchased merchandise "as is" (with no returma) from Mesa Wholesalers with credit terms of 3/10, n/e0 and an invoice price of 124,500 2 Record Santa Fe paid within the discount period Record Santa Fe paid after the discount perod