Exercise 5-6 Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe Retaling purchased merchandise "as is" with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $25,800. The merchandise had cost Mesa $17.596. 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 after the discount period 2. Prepare entries that the seller records for the (s) 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 the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. View transaction ist Journal entry worksheet Record Santa Fe paid within the discount period Prev 1 of 2 !!! Next > MacBook Air 80 1 # $ 4 % 5 7 8 0 W E R . Y U O F G aded HW Surved Required 1 Required 2 Prepare entries that the buyer records for the (s) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period View transaction list Journal entry worksheet > Record Santa Fe paid within the discount period. Note: Enter debits before credits Transaction Credit b General Journal 'Accounts payable Cash Merchandise inventory Debit 25,800 25284 Record entry Clear entry View general journal Prev 1 of 2 Next > MacBook Air 11 $ 3 % 5 6 7 8 9 0 7 E R T U Required 1 Required 2 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 View transaction list Journal entry worksheet Record Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, 1/60 and an invoice price of $25,800. Note: Enter debits before credits Transaction General Journal Debit Credit a-1 Record entry Clear entry View general Journal Prev 1 of 2 Next >