Fill in the blanks in the following separate income statements a through e. (Amountss to be deducted should be indicated by a minus sign.) b a C 71,000 44,200 42,000 Sales 25,500 Cost of goods sold 7,000 Merchandise inventory (beginning) 7,900 16,600 7,000 4,540 Total cost of merchandise purchases 27,000 60,000 6,900 Merchandise inventory (ending) (6,300) (3,000) (8,100) Cost of goods sold 33,060 18,000 6,900 Gross profit Expenses Net income (loss) 3,400 49,400 7,800 25,000 10,650 10,350 3,600 $ (6,950) 15,550 45,800 Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,400. The merchandise had cost Mesa $16,641. 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 (a) 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 discount period View transaction list Journal entry worksheet 2 Record Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $24,400 Note: Enter debits before credits. Transaction Credit General Journal Debit a