Exercise 5-9 (Static) Recording sales, purchases, and cash discounts-buyer and seller LO P1, P2 Santa Fe Retailing purchased merchandise from Meso Wholesalers with credit terms of 310,n/60 and an invoice peice 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 1. Piepare entries that the buyer records for the (a) purchase. (t) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the selier records for the (a) sale, (b) cash collection within the discount period, and (d) cash collection affer the discount period. Complete this question toy 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 atter the discount period. Journal entry worksheet Fecord 5anta Fe Retaiting's purchase of merchandise "as is" (with no returns)