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 $16,500. The merchandise had cost Mesa $11,253. 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 (c) cash payment after the discount period. View transaction list Journal entry worksheet 2 Record Santa Fe Retailing purchased merchandise "as is" (with no returns) Required 1 Required 2 Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period. View transaction list 1 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 $16,500. urns) price of 2 Record Santa Fe paid within the discount period. 3 Record Santa Fe paid after the discount period. Credit Note : A = journal entry has been entered 1 of 6 View transaction list Journal entry worksheet 1 2 3 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 $16,500. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet Journal entry worksheet discount period. View transaction list Journal entry worksheet 1 2 3 4 Record Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 3/10, 1/60 and an invoice price of $16,500. Note: Enter debits before credits. Transaction General Journal Debit Credit a-1 Clear entry View general journal Record entry discount period. View transaction list Journal entry worksheet Record the merchandise had cost Mesa $11,253. Note: Enter debits before credits. General Journal Debit Credit Transaction a-2 Record entry View general journal Clear entry discount period. View transaction list Journal entry worksheet
