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 $24,000. The merchandise had cost Mesa $16,000. Assume that both buyer and seller use a periodic inventory system and the gross method. 1. Prepare entries that the buyer records 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 records for (a) the 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 (a) the purchase, (b) cash payment within the discount period, and (c) cash pay discount period. View transaction list 1 Record the purchase. 2 Record the cash payment within the discount period. 3 Record the cash payment after the discount period. Credit Required 1 Required 2 Prepare entries that the seller records for (a) the sale, (b) cash collection within the discount period, and (c) cash collectio discount period. View transaction list 1 Record the sale. > N Record the cash collection within the discount period. 3 Record the cash collection after the discount period