Exercise s6 Recording sales, purchases, and cash discounte buyer and seller LOP, PZ Santa Fe Retailng purchased merchandise 'as is' (with no returns) from Mesa Wholesalers with credr serms of ano, nso and an invoice price of S24.000. The merchandise had cost Mesa s16 ooo Assume that both buyer and seller use a perpetual inventory system and the gross method 1. Prepare entries that the buyer records for the jal purchase.(tl cash payment within the discount period, and cash payment aner the discount period. cash collection after the 2. Prepare entries that the seller records for the alsale.al cash collection within the discount period, and discount period sale, cash collection within the discount period, and (c) cash colection after the discount period. credit Sales Cost goods Sales distourts Pre 4 or 9 ill Next