Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10 1/60 and am invoice price of $23,700. The merchandise had cost Mesa $16,163. 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 () 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. X Answer is complete but not entirely correct. 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 (c) ash payment after the discount period. ............. No Transaction General Journal Debit Credit 1 a 23,700 Merchandise inventory Accounts payable 23,700 2 b 23,700 Accounts payable Cash 22,989 Merchandise inventory 711 3 Accounts payable 23,700 Cash 23,700 Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/101160 invoice price of $23,700. The merchandise had cost Mesa $16,163. Assume that both buyer and seller use a perpetualmente system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount pened, and (c) cash paymentantes 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 anter discount period. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required) 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. No Transaction General Journal Debit Credit 1 a-1 Accounts receivable 23,700 Sales 23,700 2 a-2 16,163 Cost of goods sold Merchandise inventory 16,163 3 b Cash 23,989 Sales discounts 711 x Accounts receivable 23,700