Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $15,500. The merchandise had cost Mesa $10,571 Assume that both buyer and seller use a periodic inventory system and the gross method. 1. Prepare entries that the buyer should record for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period 2. Prepare entries that the seller should record for (a) the sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. pped Complete this question by entering your answers in the tabs below. Book Required 1 Required 2 Hint Prepare entries that the buyer should record for (a) the purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. rint View transaction list ences Journal entry worksheet 2 3 1 Record the purchase. Journal entry worksheet 1 3 Record the purchase. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Required 1 Required 2 Prepare entries that the seller should record for (a) the sale, (b) cash collection within the discount period, the discount period View transaction list Journal entry worksheet 2 3 Record the sale. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal