Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit Exercise 5-6 terms of 3/10.n/60 and an invoice price of $24.000. The merchandise had cost Mesa 516,000. Assume Recording sales. that both buyer and seller use a perpetual inventory system and the gross method purchases and cash 1. Prepare entries that the buyer records for the ca) purchase, (b) cash payment within the discount discounts-buyer and seler period, and (c) cash payment after the discount period. P1 P2 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