Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of $3/10,\frac{n}{60}$ and an invoice price of

$$22,900.$ The merchandise had cost Mesa $$15,618.$ Assume that both buyer and seller use a perpetual inventory system and

the gross method.

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.

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 $1$

Prepare entries that the buyer records for the $($a$)$ purchase, $(b)$ cash payment within the discount period, and $($c$)$ cash payment aft

discount period.

Journal entry worksheet

Record payment by Santa Fe within the discount period.

Note: Enter debits before credits.